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

by Mike Robinson

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© Reuters. People walking in Lujiazui, Shanghai’s financial district, at sunset on July 13, 2021. Image taken July 13, 2020. REUTERS/Aly Song

BEIJING (Reuters), – China’s bank and insurance regulator has stated that lenders must support advanced manufacturers and industries, as well supply chains.

In an online statement, the China Banking and Insurance Regulatory Commission said that banks should “resolutely throw away from the incorrect idea of deviation from [their main business] and excessive business growth.”

The CBIRC recommended that banks improve their internal risk management and correct any managerial deficiencies to continue developing.

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