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China Vows to Reinforce Financial Supervision
China's top financial official said Monday that the central bank will focus on financial supervision this year.
Dai Xianglong, governor of the People's Bank of China, said at the central bank's annual working meeting that efforts will be made to improve the quality and level of financial supervision.
He said the central bank will actively promote State-owned commercial banks to carry out comprehensive reforms according to a modern banking system, reinforce its supervision on asset quality, profitability, liquidity, capital adequacy and other aspects of State-owned commercial banks, so as to help commercial banks obtain positive results.
Efforts will also be made to supervise the inner control system of share-holding commercial banks, support their business innovation and restructuring according to market rules. An information disclosing system for share-holding commercial banks will be gradually established.
Financial asset management corporations will be supervised mainly in their handling of non-performing assets stripped from State-owned commercial banks, he said, adding that supervision on rural credit unions will also be reinforced.
He said that greater efforts will be made to rectify social credit order and protect creditors' rights.
This year the central bank will continue to practice a steady monetary policy, support national economic development and prevent financial risks.
By the end of last year, the total assets of financial institutions under the supervision of the PBOC was 19.4 trillion yuan, up 9.4 percent from the previous year, while their total liabilities was 18.5 trillion yuan, up 9.8 percent, according to Dai.
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