Regulatory supervision needs to be stepped up

Financial risks becoming complex, elusive, contagious, say lawmakers

Financial regulators must step up their oversight of the banking system to keep rising credit and liquidity risks under control, amid slower economic growth in China, top policymakers said on Tuesday.

"Financial risks are getting more complex, elusive and contagious, with risks in some areas becoming prominent," the Financial and Economic Affairs Committee of the National People's Congress, the top legislative body, said in a statement, after hearing a report from the State Council, the cabinet, on financial regulation.