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Supervision tightened on financing guarantee

China has unveiled measures to tighten supervision over financing guarantee institutions to guard against financial risks. The management of financing guarantee business licenses should be strictly regulated, said a document jointly released by several central departments, including the China Banking and Insurance Regulatory Commission and the Ministry of Finance. Unlicensed financing guarantee institutions should be strictly supervised and their financing guarantee business should be properly ended, said the document. Car dealers and car sales service providers cannot run automobile consumer loan guarantee businesses without regulatory approval, according to the document.