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China bolsters oversight to bring financial sector in line

Anbang and Tomorrow Group scandals trigger tougher scrutiny

The People's Bank of China is keeping a closer eye on established financial companies, as well as on relative newcomers like Alibaba Group Holding's Ant Group.   © Reuters

BEIJING -- China's central bank has rolled out new restrictions that would bolster governance at companies with banking, brokerage and insurance operations in a bid to prevent fraud and curb risks in the country's financial sector.

The move comes partly as a response to companies like the Tomorrow Group and Anbang Insurance Group funneling assets from their financial operations to fund other parts of their business. The People's Bank of China also seeks to create a regulatory framework that makes sense for new types of financial businesses, such as Alibaba Group Holding's Ant Group.

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