China bolsters oversight to bring financial sector in line

Anbang and Tomorrow Group scandals trigger tougher scrutiny

20201028N PBOC

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

IORI KAWATE, Nikkei staff writer

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.

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