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ATAHK reads from Xinhua News that China's banking regulator on Wednesday called for simpler, more effective international regulations that address regional differences and cross-border financial risk. For details, please refer to the following news from Xinhua News on September 24th:
Shang Fulin, chairman of China Banking Regulatory Commission, made the remarks at the 2014 International Conference of Banking Supervisors (ICBS), which runs from Monday to Thursday in the northern port city of Tianjin.
Overly complicated international banking regulations have increased compliance costs and affected supervision. Shang called for a simple, transparent and effective system.
With an obvious gap between developing and developed nations, Shang suggested the international rules should be more inclusive and take account of these differences with better sharing of regulatory information across borders. Financial risks tend to spread faster and wider across the borders than when confined to a single country.
"We need a cooperative mechanism of crisis and risk management to defend ourselves against any return of national, regional or global financial crises," Shang said.
Since 1979, the ICBS has been a key platform to deepen understanding between the world's banking regulators. This is the first ICBS meeting held in China.
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