China to Tighten up Oversight of Financial Holding Companies
August 09, 2019 | BY
Marilyn RomeroNew draft measures proposed by China’s central bank will mean some non-financial firms will be classified as financial holding companies and will require a license to operate.
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The People’s Bank of China, or PBOC, has recently released draft measures to tighten its oversight of financial holding companies as part of efforts to prevent risks to the financial sector. In a statement on its website, the PBOC said it noted how numerous non-financial companies have engaged in a “blind expansion” into the financial sector, leading to mounting risks.