Chinese banks aim to reduce effect from global financial crisis

(Xinhua)
Updated: 2008-11-16 10:16

BEIJING - Chinese banking sector would adopt scientific lending policies and risk assessment to reduce the effects of the global financial turmoil and lend bigger support to the real economy, said a senior Chinese official here on Saturday.

Jiang Dingzhi, vice chairman of China Banking Regulatory Commission (CBRC), said on Saturday in addressing the International Finance Forum held here that the CBRC would carry out risk assessment for domestic and foreign-funded banks in a timely manner and track large-sum capital flow.

He added that collaboration among relevant agencies should be enhanced to make joint efforts on maintaining the financial sector's stability.

China Securities Regulatory Commission (CSRC) vice chairman Yao Gang said the CSRC would conduct an in-depth research of the emerging situations and problems, carry out various reforms, and give more support to the real economy.

Yao said that the industry watchdog would strengthen market supervision and enhance the market transparency and efficiency to better protect investors' legitimate rights.