Latest News:  
Beijing   Sunny    20 / 5 ℃  City Forecast

People's Daily Online>>China Business

China's financial supervision sound, more efforts needed: IMF

(Xinhua)

13:20, April 06, 2012

WASHINGTON, April 5 (Xinhua) -- China's financial supervision has made significant progress, but more efforts are needed to meet challenges ahead, the International Monetary Fund (IMF) said on Thursday.

"Regulation and supervision of China's banking system has made impressive progress in the past few years, led by an activist, forward-looking regulator China Banking Regulatory Commission (CBRC), with a clear safety and soundness mandate," the IMF said in its detailed assessment report released on Thursday about China's banking system.

However, the Washington-based global financial institution cautioned that as further opening up, innovation and expansion of banks occur, complexity and risks will increase at the same time.

The document is one of the five detailed assessment reports about China's observance with international financial standards, which were prepared under the IMF's Financial Sector Assessment Program (FSAP).

In a separate detailed assessment report about China's insurance companies, the IMF said insurance companies in China were closely supervised and generally subjected to appropriate regulation.

As for the securities and futures industry regulation, the IMF noted that Chinese securities and futures sector and their regulation have undergone considerable development. Reforms in recent years, including the non-tradable shares reforms, the introduction of stock index futures trading in 2010, have enhanced the transparency of the market and broadened the range of available products.

China is one of the 25 "systemically important" economies that have agreed to mandatory financial sector assessment at least once every five years. The FSAP is a key part of the IMF's activities in financial surveillance and the monitoring of the international monetary and financial system.

Other systemically important economies subject to FSAP assessment include Brazil, Britain, France, Germany, Italy, Japan, Russia and the United States.

Email|Print|Comments(Editor:王莉莉)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Storm pounds Buenos Aires

  2. 8th Dahe spring auto show held in C. China's Zhengzhou

  3. Thunderstorm hits Hong Kong

  4. China's own watch brand Sea-Gull prospers in decades

Most Popular

Opinions

  1. Anelka cannot save Chinese football
  2. Quick stop to good progress in N.Korea
  3. EU urged to do Chinese companies justice
  4. A hard-earned, favorable turn for Syria issue
  5. BRICS mulls joint bank
  6. How far away are we from nuclear terrorism?
  7. Benefits, not values, define BRICS unity
  8. China slams Japan's move over Diaoyu Islands
  9. More efforts needed for enhancing nuclear security
  10. Chinese solar companies to fight US tariffs

What's happening in China

Xihu Longjing tea harvest season begins

  1. Poor regions' 175 bln yuan health investment
  2. Songwriters say copyright draft doesn't protect
  3. Mobile Internet offers big potential for advertisers
  4. Fudan scientists breed long-fiber cotton
  5. Import duty cut praised

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai