China urges more banking support to self-reliant industries, supply chains

Lujiazui financial district during sunset in Pudong, Shanghai

BEIJING (Reuters) – China’s banking and insurance regulator said on Wednesday that lenders should step up support to advanced manufacturers, self-reliant industries and supply chains.

“Banks should resolutely cast away from the wrong idea of deviation from their main business… and excessive business expansion,” said the China Banking and Insurance Regulatory Commission (CBIRC) in an online statement.

Banks should step up their internal risk controls and amend management shortcomings to develop further, the CBIRC said.

(Reporting by Cheng Leng and Ryan Woo; editing by Philippa Fletcher)