China urges more banking support to self-reliant industries, supply chains By Reuters

China urges more banking support to self-reliant industries, supply chains By Reuters
China urges more banking support to self-reliant industries, supply chains By Reuters

© Reuters. People walk in Lujiazui financial district during sunset in Pudong, Shanghai, China July 13, 2021. Picture taken July 13, 2021. REUTERS/Aly Song

BEIJING (Reuters) – China’s banking and insurance regulator said on Wednesday that lenders should step up support to advanced manufacturers, self-reliant industries and supply chains.

“Banks should resolutely cast away from the wrong idea of deviation from their main business… and excessive business expansion,” said the China Banking and Insurance Regulatory Commission (CBIRC) in an online statement.

Banks should step up their internal risk controls and amend management shortcomings to develop further, the CBIRC said.

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