China’s new banking and insurance regulator makes opening statement of intent

China's newly appointed banking and insurance watchdog, Guo Shuqing

The new super regulator for China’s $42trn banking and insurance sectors has issued a strident opening statement, promising to widen the reform of both markets and open them up to more foreign investment, while also vowing to crack down on excessive financial risk and bad debt. Much of this crackdown will focus on banking activities such as shadow banking as…

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