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在线翻译:
szdaily -> Business -> 
Central bank trials tighter regulation on Ant Financial
    2018-11-06  08:53    Shenzhen Daily

THE central bank is testing new regulations on five financial holding companies, including e-commerce giant Alibaba’s payment affiliate Ant Financial Service, paving the way for tighter oversight of the fast-growing sector.

The pilot program, designed to rein in debt risks among financial holding companies, also included retail conglomerate Suning.com and large State-owned companies such as China Merchants Group, Shanghai International Group, and Beijing Financial Holdings Group, Xinhua reported.

Based on the trial, the People’s Bank of China aims to roll out a supervision plan for the broader sector as soon as in the first half of 2019, Xinhua said.

Zhou Xuedong, director of the central bank’s financial stability bureau, said some financial holding companies had grown through “barbaric” expansion and a regulatory void needed to be filled urgently.

“They are large in volume with complex businesses and high association risks, and the lack of supervision would increase risks in the financial sector,” Zhou was quoted by Xinhua as saying.

The central bank has pledged to speed up efforts to regulate financial holding companies’ high-leverage investments and strengthen supervision over their transactions, it said in a financial stability report released Friday.

The central bank is adopting “a combination of macro-prudential management and micro-prudential supervision” in its regulatory approach, but no details were given, according to Xinhua.

(SD-Agencies)

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