Fighting financial risks a long and tough battle

Nonperforming loans, shadow banking and local debt key supervision areas

China should be prepared to fight a protracted and tough battle against financial risks, said a senior official of the country's top banking and insurance regulator.

"We have made progressive achievements in preventing and defusing financial risks, but many potential risks are not fully eliminated yet and our previous accomplishments in risk mitigation still need to be consolidated," Wang Zhaoxing, vice-chairman of the China Banking and Insurance Regulatory Commission, said at a news conference on Monday.