CBRC: Risks under control

The economic risk of "moving from real to virtual" has been preliminarily contained in China, according to the country's banking regulator.

"Like taking hold of the nose of an ox, we grasped the main problems in the banking sector, namely the interbank, wealth management and off-balance-sheet businesses," said Xiao Yuanqi, head of the prudential regulation bureau of the China Banking Regulatory Commission, at a media briefing on Friday.

"In the last few years, these businesses grew fast and even wild, lacking restraint. And the problem of money idling was most prominent in these fields, rather than having the money flowing into the real economy," he said.