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Banking sector urged to improve risk control

(Xinhua)
Updated: 2008-10-18 20:17

BEIJING - China Banking Regulatory Commission (CBRC) chairman Liu Mingkang has urged the banking sector to closely watch the impact of the turbulent international financial environment against the domestic financial market and improve capabilities of risk management.

Speaking at a recent CBRC meeting focusing on the economic and financial situation in the third quarter, he demanded the country's banking sector learn lessons from the US financial crisis and take measures to raise competitiveness.

He outlined several major missions for the country's banking sector:

-- implementing macro-economic control policies and making all-out efforts in pushing reform and renovation of the financial system in rural areas.

-- continuing to focus on credit risk control and precautions.

-- strengthening risk control on overseas investment and actively facing the challenges of turbulence in the international market.

-- improving internal management.

-- summing up lessons and experience from the global financial crisis and adjusting operating concepts and methods.

Liu added the CBRC would enhance its supervision and management on risk and safeguard a stable and healthy development of the country's banking sector.