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Shanghai banking and insurance regulator outlines tasks for 2019

January 30,2019

   
   

Shanghai's banking and insurance regulator said that it is prepared to cope with the challenges facing the industries in 2019 and will endeavor to fend off financial risks while serving the real economy.

Risks in local banking and insurance industries are generally controllable, but the situation remains complicated, the Shanghai office of the China Banking and Insurance Regulatory Commission said during a recent meeting.

Efforts will be made to enhance the financial institutions’ service capabilities, and the city is committed to providing more powerful financial support for the country’s overall construction of a well-off society, the watchdog said.

2019 marks the first year that local authorities will undertake regulatory duties on both the banking and insurance sectors, and the Shanghai office aims to promote high-quality development of the two industries while preventing systemic regional risks.

To curb credit risks, cross-financial risks and liquidity risks, regulators will tighten supervision of key areas like Internet finance and peer-to-peer lending and will exert more effort to protect consumers' rights.

Also, the watchdog will encourage more financial institutions to lend support to private business as well as small and micro-sized enterprises.

The regulator will guide local banks and insurance companies to make adjustments of their business structures to be in line with the macro economic situation, and will call for stricter compliance and differentiated development paths.

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