Banking Regulator Stresses Chinese Communist Party’s Role in Curbing Corruption

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The head of China’s banking authority has heavily emphasised the role of the Chinese Communist Party in curbing corruption amongst regulators at a full meeting of the agency on clean governance and disciplinary inspection work.

China Banking Regulatory Commission¬†chair and party secretary Guo Shuqing said at the meeting that in 2017 the agency had expanded the level of accountability for the undertaking of professional duties by regulators as well as restricted the movements of funds “from the real to the empty, reports¬†Securities Daily.

According to Guo risk in the Chinese banking sector is “controllable overall.”

For 2018 Guo pointed to the need to “self-consciously revere the party constitution, firmly resist the corrosion of the party’s inner life by the principle of commercial exchange…pragmatically strengthen the party’s leadership of regulatory work in the banking sector…strengthen internal party accountability and regulation of accountability in relation to performance of duties.”

“We will focus on inspection, prevention and resolution of major risks…the issues of professional negligence in relation to regulation of the banking sector.

“With respect to those agencies and departments that do not properly perform their professional duties as regulators, who do not engage in standardised exercise of their regulatory powers, and who do not strictly or substantively impose regulatory penalties – where there is responsibility there will be accountability, and accountability will be strict.”

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