At a recent news conference in Beijing, Xiao Yuanqi, Vice Minister of China's National Financial Regulatory Administration (NFRA), announced that the agency plans to intensify its efforts to improve risk management among small and medium-sized financial institutions.
In so doing, the NFRA aims to enhance corporate governance and operational transparency, establish robust decision-making systems, and increase regulatory oversight. "China will implement pragmatic and tailored reforms among small and medium-sized financial institutions to defuse risks and promote development, including strengthening their corporate governance and conduct regulation," Yuanqi said. The administration will also closely supervise senior management to ensure they perform their duties diligently.
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