BEIJING -- The new chief of China's banking watchdog called Thursday for overhauling the nation's compartmentalized financial oversight, warning that banks will face "serious risks" without improvements to the system.
"Complex financial products have flooded the market, and it's unclear where the underlying money and assets go," China Banking Regulatory Commission Chairman Guo Shuqing told reporters. Flaws in a regulatory structure unsuited to the task at hand contributed to this, Guo said. China has three separate bodies regulating the banking, insurance and securities industries, but no unified agency to manage all three.
