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.
(Reporting by Cheng Leng, Zhang Yan and Ryan Woo; Editing by Jon Boyle)
