China Watchdog Imposed Heftier Fines Over Nine Quarters Than in Past Decade
Xu Wei
DATE:  Aug 09 2019
/ SOURCE:  yicai
China Watchdog Imposed Heftier Fines Over Nine Quarters Than in Past Decade China Watchdog Imposed Heftier Fines Over Nine Quarters Than in Past Decade

(Yicai Global) Aug. 8 -- The regulator that oversees China's vast banking and insurance sector imposed fines worth CNY5.9 billion (USD848 million) over the space of nine consecutive quarters, more than the total for the previous 10 years, as it cracked down on violations in key areas.

The China Banking and Insurance Regulatory Commission handed out 11,735 administrative penalties from 2017 to the first quarter of this year, the watchdog said in a statement posted on its website today. Some 8,888 were in banking, with fines of CNY5.5 billion, and 2,847 were in the insurance sector, where the penalties amounted to CNY453 million (USD64.3 million).

The CBIRC has also taken measures to ensure that punishments are effectively enforced. Some 11,703 administrative penalties have been carried out, making up 99.73 percent of the total, the statement said.

The regulator's next move is to enhance penalty execution, improve the implementation mechanism of administrative penalties, focus on strengthening joint punishments, and ensure the execution of administrative penalties.

Follow Yicai Global on
Keywords:   CBIRC,Bank,Insurance