War on financial risk to continue

The war on financial risks will continue this year in China, with renewed efforts to crack down on shadow banking activities and further rectification of financial irregularities, said the head of the nation's banking regulator.

"We need to focus on lowering corporate debt ratios, restricting household debt, strictly standardizing cross-sector financial products, and continuing to dismantle shadow banking activities," said Guo Shuqing, chairman of the China Banking Regulatory Commission, in a recent interview with the People's Daily.

With the CBRC getting tougher on regulation and risk control, commercial banks recorded a slowdown in their interbank and wealth management businesses.