BEIJING (Reuters) – Chinese regulators asked banks and local authorities on Friday to take measures to prevent business loans from flowing into the country’s overheated property sector.
A notice jointly issued by the China Banking and Insurance Regulatory Commission (CBIRC), Ministry of Housing and Urban-Rural Development and the People’s Bank of China (PBOC) asked local government agencies to complete inspections of irregularities in business loans by May 31, according to the statement on CBIRC website.
The notice also asked banks to strengthen credit review and risk management of business loans.
(Reporting by Zhang Yan, Cheng Leng and Ryan Woo; Editing by Toby Chopra)
