April 9, 2018 / 12:32 AM / 10 months ago

China vice premier says will win battle against financial risk: Xinhua

FILE PHOTO - Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Jason Lee

SHANGHAI (Reuters) - Chinese Vice Premier Liu He said on Sunday that China would win the battle against financial risk, the official Xinhua news agency reported.

Liu, China’s senior-ranking official for economic affairs, made the comments at the establishment ceremony for the country’s new banking and insurance regulator, the China Banking and Insurance Regulatory Commission (CBIRC).

China will push forward financial supervision reform, tackling problems such as cross-regulation and the lack of supervision, Xinhua reported Liu as saying.

The CBIRC said last week that it would focus on lowering the leverage of local governments and state-owned enterprises while seeking to control a rapid rise in household debt. [nS6N1R201Y]

Reporting by Andrew Galbraith; Editing by Sam Holmes

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