Banking supervision to intensify

New regulations to tackle credit concealed by multiple layers of products

The government will continue to tighten supervision on the banking sector with regulations that could extend into credit beyond the reach of supervisors, the head of a provincial office of China Banking Regulatory Commission said.

"The plan to implement strong supervision is to reduce financial intermediaries that have driven up enterprises' borrowing costs and may pose risks to the financial sector," Lai Xiufu, head of the Hubei Office of China Banking Regulatory Commission, said during the ongoing annual meeting of the 13th National People's Congress.