25 financial institutions receive disciplinary inspection feedback – Macau Business

A total of 25 financial institutions have received feedback as the result of the eighth-round disciplinary inspection launched by the 19th Central Committee of the Communist Party of China (CPC).

From Feb. 22 to 24, these financial institutions, including financial regulators, banks, stock exchanges and asset-management companies, were given one-on-one feedback by the 15 inspection teams deployed to conduct the mission and were informed of the prominent issues found during the process.

China has launched stringent crackdowns on financial corruption, and effectively forestalled and defused major financial risks. Its financial sector has achieved new progress, noted the feedback.

However, a range of issues, such as a lack of adequate political consciousness, risk awareness and resolve to push financial reform, and activities violating frugality rules, still remained in these institutions, the feedback pointed out.

Efforts are demanded to conduct thorough examinations on relevant risks while remedying the issues found in the inspection, and shielding the stable financial landscape, said the feedback.

Urging efforts to build a long-term mechanism for the implementation of inspection results, the feedback stressed that remediation efforts should also be combined with financial reform, and boost the high-quality development of the sector.

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25 financial institutions receive disciplinary inspection feedback - Macau Business