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People's Bank of China Governor Zhou Xiaochuan warned of risks with fintech companies and financial holding companies. (Photo by Kosaku Mimura).
China People's Congress 2018

More controls on financial risk needed, says China's Zhou

Outgoing central bank chief affirms shift away from 'quantitative growth' model

CK TAN, Nikkei staff writer | China

BEIJING -- China's outgoing central bank chief said on Friday that more robust controls on financial-sector risk are needed and under development. 

Speaking to reporters on the sidelines of the National People's Congress session in Beijing, People's Bank of China Governor Zhou Xiaochuan warned of potential risks involving financial holding companies and financial technology companies that have gotten involved in lending. He said that while regulators had made significant progress in improving risk-control mechanisms in recent years, more controls are needed to prevent and uncover fraud, including at non-bank institutions.

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