Official: China to move forward with tougher bank rules

China will not follow other economies in delaying implementation of tougher capital requirements on banks, a senior banking regulator said on Tuesday.

Instead, the country will allow banks to introduce new instruments to raise capital, said Wang Zhaoxing, vice-chairman of the China Banking Regulatory Commission.

Wang said China will not follow in the footsteps of the United States, Europe or any other economies that have considered postponing the adoption of tougher banking requirements called for by global regulatory standards.

"China has promised to anticipate the establishment of the global financial supervision system and adopt the international standards," Wang said. "More importantly, we took the domestic situation and our own development needs into consideration when we drafted the rules."

He said regulators want to improve the ability of banks to manage risk and encourage banks to improve their business structures.

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