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China Daily / 2021-06 / 11 / Page013

Regulator calls for 'relentless' efforts to combat financial risks

By ZHOU LANXU | China Daily | Updated: 2021-06-11 00:00

Top banking and insurance regulator called for "relentless" efforts to combat financial risks on Thursday, even though financial instability has subsided in many areas.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said the country should "remain alert to dangers in times of calm and make restless efforts" in financial risk prevention, with five areas including bad assets and shadow banking worth particular attention.

China will actively deal with a possible rally in nonperforming loans, as the country has allowed repayment deferral of loans lent to smaller businesses hit by the COVID-19 and certain amounts of them will turn into bad assets, Guo said via video link at the 13th Lujiazui Forum 2021 in Shanghai on Thursday.

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