China's new banking regulator promises greater oversight, financial reform

BEIJING (March 2): China's newly appointed banking regulator vowed on Thursday to strengthen supervision of the lending sector, underscoring Beijing's determination to fend off financial risks and push reforms this year.

"We will put the prevention of financial risks at a more prominent position to make sure there won't be a systematic financial crisis," Guo Shuqing, making his first public appearance as chairman of the China Banking Regulatory Commission (CBRC), told scores of reporters packed into a briefing room.

The 60-year-old Guo, in his third day on the job, said he is determined to remove "chaos" from the regulatory system to "safeguard" the health of China's RMB 232 trillion ($47.5 trillion) banking sector for "the country and the people".

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