China’s banking and insurance regulator to focus on curbing system-wide leverage

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BEIJING, April 4 (Reuters) – China’s new banking and insurance regulator said on Wednesday it will focus on lowering leverage of local governments and state-owned enterprises while seeking to control a rapid rise in household debt.

In a Tuesday meeting chaired by Guo Shuqing, head of the China Banking and Insurance Regulatory Commission (CBIRC), the newly merged regulatory body also said China will firmly crack down on shadow banking and cross-asset financial activity, according to a statement issued online.

The regulator will also seek to push banks to bring off-balance sheet assets onto their balance sheets, it said. (Reporting By Se Young Lee and Shu Zhang; Editing by Kim Coghill)

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