A top official from China's Banking Regulatory Commission issued a warning on Tuesday about the risks posed by financial products, especially in wealth management.
The head of the CBRC's novel products department said at a conference that some lenders have failed to disclose sufficient information about these products to their clients, while some of them lack the necessary risk management tools.
In order to change the situation, the commission is planning to step up checks on financial products and strengthen financial services regulations in the country this year.
Latest CBRC data shows that the balance of Chinese banks' wealth management products currently stands at around 1.1 trillion US dollars.
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