Financial product rules will be unified

Guo Shuqing, new head of China's bank regulation agency, said on Thursday a unified system is in the pipeline to oversee asset management products across different financial sectors.

The system's aims include reducing the risk of shadow banking and pumping more capital into the real economy, he said.

The unified regulation would comprise a foundation for regulators in banking, securities and insurance to follow, Guo said at a news conference, where he made his debut as chairman of the China Banking Regulatory Commission.