BEIJING Jan 6 China banking regulator vowed on
Monday to take steps to rein in banking risks in 2014 while
outlining plans to set up private banks to boost competition in
Three to five private banks will be set up under a pilot
scheme, the China Banking Regulatory Commission (CBRC) said in a
statement following a meeting on banking supervision.
The CBRC said that it will take measures to resolve lending
risks linked to local government financing vehicles and tighten
rules on wealth management products.
Banks must control risks associated with lending to the
property sector and industries with excess capacity, the
(Reporting by China Economics Team)