China’s National Financial Regulatory Administration said it will cautiously advance reforms of small and mid-sized financial institutions to resolve risks, reduce scale and improve asset quality, and will actively support and coordinate efforts to address property-sector and local-government debt risks. The agency reiterated a commitment to strict, focused supervision to strengthen regulatory effectiveness. It also said it will push industry reform and transformation, require firms to tighten b

China’s National Financial Regulatory Administration said it will cautiously advance reforms of small and mid-sized financial institutions to resolve risks, reduce scale and improve asset quality, and will actively support and coordinate efforts to address property-sector and local-government debt risks. The agency reiterated a commitment to strict, focused supervision to strengthen regulatory effectiveness. It also said it will push industry reform and transformation, require firms to tighten business, performance and risk governance, align activity with key tasks of the 15th Five-Year Plan, optimize financial resource allocation and improve the suitability of financial services.