China’s banking regulator has denied over sixty people qualifications to hold senior executive positions at commercial lenders since the start of 2020, as it intensifies its scrutiny of beleaguered regional banks.
Domestic analysts say the recent trend of provincial governments appointing veteran banking execs to key political positions is part of competition to establish themselves as leading regional finance hubs.
A senior executive from the world’s biggest bank has been appointed to a top position in the Guizhou province government, continuing a trend of transfers from the Chinese banking sector to regional administration.
Over 50 people have been barred from the Chinese banking sector for life since the start of 2019, with infractions in relation to real estate funding figuring prominently.
Leading members of China’s banking sector have extolled fintech’s transformative potential at the recent “2018 China Fintech Development Forum” (2018中国金融科技发展论坛).