China asks state-owned financial institutions of stay focused on core business, cut operational hierarchies

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China has asked its state-owned financial institutions to stay focused on their main business and eliminate unnecessary operational hierarchies, while stepping up efforts to prevent risks from the inappropriate transactions of affiliates and false capital injection, according to new rules released by the Ministry of Finance on Wednesday.

State-owned financial institutions that are engaged in overseas investment and have subsidiaries abroad should focus on their main business, follow the necessary prudential and compliance requirements, and strictly implement the due diligence and feasibility requirements, the ministry said.

Analysts say that the notice indicates that . . .

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