China’s regulator drafts rules on corporate governance of banks and insurers By Reuters

© Reuters.

BEIJING (Reuters) – China’s banking and insurance regulator issued draft rules on Friday on corporate governance of banks and insurers, the latest regulatory move to contain management risks of financial institutions.

The draft emphasized a stronger Communist Party leadership at both state-owned and private financial institutions, and urged state-owned banks and insurers to prioritize the key business decisions made by the Communist Party committee before consulting the board and the top leadership.

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