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Saturday, January 12, 2019, 15:26
China banking regulator slapped record high penalties in 2018
By Xinhua
Saturday, January 12, 2019, 15:26 By Xinhua

This undated file photo shows the headquarters of China Banking and Insurance Regulatory Commission in Beijing, China. (PHOTO / IC)

BEIJING – China's banking watchdog imposed over 3,800 penalties in 2018, a record high.

Lending to the real estate sector is a key area for regulation, with over 30 banks punished for rule-breaking practices.

READ MORE: China mulls further opening up financial markets

China Minsheng Bank was fined 31.6 million yuan (US$4.68 million) early last December for irregularities including investing wealth management funds in the property market.

Misdeeds in lending and lack of supervision might give rise to loan default and fraud, inducing financial risks, increasing household leverage and inflating the stock and real estate bubbles.

ALSO READ: China to escalate efforts in curbing financial risks

Chinese authorities decided early last year to crack down on illegal property financing activities as part of efforts to curb real estate market speculation.

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