China regulator vows regulation ‘with teeth and thorns’ to defuse financial risk

News Snapshot:

China’s financial regulator plans to increase punishment for financial crimes and speed up the time it takes to prosecute them using regulation it calls “with teeth and thorns.” The National Financial Regulatory Administration (NFRA), established last year to oversee China’s $57 trillion financial sector, said on Sunday in a statement on its official WeChat account that the approach would involve zero-tolerance for all illegal behaviour and a willingness to “punish the higher-ups, not just the subordinates.” The NFRA’s promise of stricter regulation comes as Chinese leaders are trying to revive the world’s second-largest economy following its exit from three years...