The China Banking and Insurance Regulatory Commission (CBIRC) has kept up the pressure on the Chinese banking sector in 2019 with the issuance of a copious volume of fines.
A report from Securities Daily indicates that as of 3 December CBIRC had issued a total of 3484 fines to members of the Chinese banking and insurance sectors in 2019.
Over 50 Chinese banks have also incurred fines for infractions in relation to home loans, with penalties applied to big state-owned banks, joint-stock banks and municipal commercial banks.
Pan Helin (盘和林), executive director of the Digital Economy Academy of the Zhongnan University of Economics and Law, said that real estate continued to provide higher returns than other sectors in China, prompting banks to face the regulatory hazard of potential fines.
