Progress has been made regarding the management of the financial businesses provided by online platforms, as well as wealth management businesses, the China Banking and Insurance Regulatory Commission said on Tuesday.
Online platforms are actively conducting in-depth self-examinations and formulating rectification plans in accordance with laws, regulations and regulatory requirements, according to a statement on the commission's website.
Progress has been achieved regarding improving corporate governance, preventing the disorderly expansion of capital, prudently carrying out internet deposit and lending business in compliance with regulations. Small loans and consumer finance companies are more regulated, and so is the development of internet insurance businesses, the commission said.
As of the end of July, nearly 70 percent of the rectification of wealth management businesses have been completed, a commission spokesman said.
Eliminating shadow banking is a key task in preventing and resolving major financial risks, and standardizing bank wealth management business is critical. The commission will continue to fulfill their main responsibilities and advance the rectification of the existing wealth management business, the banking and insurance regulator said.
At present, the situation of rectification and improvement is in line with expectations and it is expected that most banks can complete rectification before the end of this year, the commission said.
For the remaining small amount of difficult-to-dispose assets of individual banks, they shall be included in the special disposal of individual cases in accordance with relevant regulations until all is cleared, according to the commission.
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