China to step up banking oversight in ‘arduous’ fight on financial risks

BEIJING: China will step up oversight in the banking sector this year to reduce financial risks, the country’s banking regulator said, stressing that longterm efforts would be needed to control banking sector chaos. The China Banking Regulatory Commission said on Saturday that its priorities included increasing supervision over shadow banking and interbank activities. “Banking shareholder management, corporate governance and risk control mechanisms are still relatively weak, and root causes creating market chaos have not fundamentally changed,” the CBRC said.