BEIJING, Jan. 26 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC), the sector regulator, said in a meeting held Monday to strictly prevent capital from disorderly expansion in financial sector, reported Wednesday by Xinhua Finance, a financial news and information outlet operated under Xinhua News Agency.
The Chinese regulator vowed to add "traffic lights" to regulating of capital expansion in financial sector while highlighting the positive role of capital in financial activities.
CBIRC will promote small- and medium-sized banks and insurers to supplement in accordance with related laws and compliance regulations their capital via multiple channels.
Effective supervision and regulation over capital will be enhanced together with a solid "fire wall" between industrial capital and financial capital and penetrating regulation over shareholders will be strengthened to stem funds of banks and insurers from being blindly used in leveraging-up.
The Chinese regulator will crank up efforts into financial antimonopoly and anti-unfair competition and severely crack down unlicensed financial business operation.
Apart from these, CBIRC vowed to profoundly press ahead with the reform and opening up of banking and insurance industries and speed up digital transformation of financial industry to boost high quality economic and social development this year. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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