CBRC: Deposit insurance still being planned
China is designing a deposit insurance system and a mechanism for closing troubled banks to better cope with the risks generated by financial reforms, China's top banking regulator said.
In an interview with Qiushi Journal, a political periodical run by the Central Committee of the Communist Party of China, Shang Fulin, head of the China Banking Regulatory Commission, called for a more forward-looking perspective on risk control.
Shang said risk control remains a monumental task, given the slowing economy, rising bad assets, industrial overcapacity and "shadow banking".
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