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China greenlights two leading banks to open wealth management units [Copy link] 中文

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Post time 2019-1-6 10:23:06 |Display all floors

China's banking and insurance regulator has given two of the country's biggest lenders the go-ahead to set up wealth management subsidiaries.

Agricultural Bank of China and Bank of Communications Friday got the approval from the China Banking and Insurance Regulatory Commission (CBIRC).

Two other big lenders – Construction Bank of China and Bank of China – were given the green light late last December.

China issued rules in early December 2018 for commercial banks' wealth management branches to strengthen their risk management and support the real economy.

China's non-performing loan (NPL) management plays a vital role in preventing systemic risks, supporting transformation of state-owned enterprises (SOEs) as well as state-owned banks, Hu Ying, the assistant to president of China Huarong Asset Management said.

Establishment of wealth management units will enrich the mix of institutional investors, expand financing channels and meet consumers' diversified demands, the CBIRC noted.


Source(s): Xinhua News Agency

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Post time 2019-1-6 12:13:59 |Display all floors
The special Chinese character 财(wealth) hints that 贝(seashell or coin)means nothing without 才 (capable man)dealing with!
All of our writings should go with zero error!

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Post time 2019-1-6 19:12:35 |Display all floors
This post was edited by dostoevskydr at 2019-1-6 19:13
SEARU Post time: 2019-1-6 12:13
The special Chinese character 财(wealth) hints that 贝(seashell or coin)means nothing without 才 ...

Yi Gang is doing an EXCELLENT job.

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Post time 2019-1-6 19:16:28 |Display all floors
dostoevskydr Post time: 2019-1-6 19:12
Yi Gang is doing an EXCELLENT job.

Yes, he is!  In the new era China needs more talent experts to properly handle the economic issues for the government and the people!
All of our writings should go with zero error!

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