New China banking, insurance regulator to improve governance, risk management: vice chair

BEIJING (Reuters) - The first task of China’s newly formed banking and insurance regulator is to improve corporate governance at the institutions while boosting their risk management and internal controls, a top regulatory official said on Saturday.

The China Banking and Insurance Regulatory Commission (CBIRC) will guide banks and insurers to return to their core businesses and support the real economy, CBIRC Vice Chairman Wang Zhaoxing said at the China Development Forum in Beijing.

The regulator - formed after the recent merger of China’s banking and insurance watchdogs - will also tell them to reduce unnecessary off-balance sheet business, Wang said.

Reporting by Shu Zhang and Kevin Yao; writing by Ryan Woo; editing by Richard Pullin