Regulatory net to cover more lenders

Move to encourage development of additional micro financing organizations, says official

Draft regulations on non-deposit-taking lenders will be submitted to the State Council this year as part of a wider effort to prevent systemic and regional risks, said a senior official.

"Officials from the central bank and related government departments are working on the draft, and we have discussed the basic regulatory framework," Liu Changchun, director of fiscal and financial regulations at the Legislative Affairs Office of the State Council, told China Daily on the sidelines of a forum on Monday. Final approval may come next year, she said.