China's top banking regulator to enhance risk control

China's top banking regulator will increase efforts to prevent and control risks in the banking sector.

The country's banking sector's risks are generally manageable but more measures should be taken to deal with risks brought by cross-market and cross-sector products and other emerging businesses, according to a statement released after the mid-year work meeting of the China Banking Regulatory Commission (CBRC).

The CBRC will promote inclusive finance to play a bigger role in supporting economic growth and guide banks to reduce unnecessary charges worth over 44 billion yuan (6.5 billion U.S. dollars) for their customers.

New measures will be taken to guard against risks such as keeping close supervision on highly risky institutions and strengthening internal management and risk control.

The CBRC will also introduce private investment in the banking sector in an orderly manner and keep opening up the industry.

A total of 18 new or amended regulation frameworks are expected to be rolled out this year to fill in regulation gaps, according to the statement.