Timetable set for implementing Basel III: Chinese premier

Chinese Premier Li Keqiang speaks at a press conference after the closing meeting of the second annual session of China's 12th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 13, 2014. (Xinhua/Chen Jianli)

Chinese Premier Li Keqiang said Thursday that the authorities had set a timetable for implementing the Basel III accord in tightening regulative measures over shadow banking.

"Concerning financial risks such as shadow banking, we are tightening regulation and have set a timetable for implementing the regulative measures under the Basel III accord," Li said.

He made the remarks at a press conference shortly after the conclusion of China's annual legislative session.  [Special coverage]

As to whether China has set too high capital adequacy ratios for banks, Li said, "We are a developing country, but this is what we have to do, and we cannot let today's stepping stone become tomorrow's stumbling stone."

"It is indeed difficult to avoid a few individual cases, and we must tighten monitoring and deal with the problems timely to make sure regional and systemic financial risks do not occur," he added.