Systemic approach urged to prevent financial risks

China should adopt a systemic approach to prevent financial risks amid a lack of coordination among different regulatory agencies, a central bank advisor said.

"We have rolled out many measures and guidelines to tackle financial risks, but each of them only covers a separate field. We need a broader vision of supervision and should think about how to deal with risks at a macro level," said Huang Yiping, a monetary policy committee member of the People's Bank of China, during the China Economists 50 Forum on Sunday.

Earlier separate guidelines, either on fintech or financial products regulations, are not enough to prevent contagion risks as new problems may arise in the future with ever increasing interconnectedness across different sectors and rapid product development, according to Huang.