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Wu Xiaoling sees shadow banking as China's biggest financial risk

Former central bank executive insists on need for adequate regulation

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An electronic display shows the periods and annual yield rates of wealth management products in Shanghai in November 2015.   © Reuters

BEIJING -- This year's National People's Congress began on March 5 in Beijing. Wu Xiaoling, vice chairwoman of the Financial and Economic Affairs Committee of the Congress, is one of the key figures at the annual gathering. Wu, who formerly served as deputy governor of the country's central bank, recently spoke with The Nikkei and talked about the risks China's financial sector faces.

Wu said she noted four risks during her report at this year's Congress: bad assets at banks, default of debt obligations on bonds, so-called shadow financing and online financial services.

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