China's Central Bank Urges Stronger Financial Crisis Defences

Officials from the People's Bank of China have called for stronger defences against financial risks, including accelerating legislation of the Financial Stability Law and improving legal arrangements. They also recommended strengthening supervision of financial institutions' data accuracy and allowing the insurance deposit system to deal with problematic banks in a swift and orderly manner. The authors emphasized the need to consolidate capital reserves for dealing with financial risks to ensure sufficient resources are available to dispose of risks in a timely manner.