At a recent conference in Beijing, some progress seems to have been made on the issue of coordinated supervision of financial conglomerates. However, observers say the issue is far from exhausted.
The rise in China of financial conglomerates such as Ping An Insurance, China International Trust and Investment Corporation and China Everbright has posed a challenge to the regulatory framework.
CITIC, owns or has controlling stakes in CITIC Industrial Bank, CITIC Securities, CITIC Prudential Life Insurance and other finance related groups. China Everbright also owns a bank, a securities house, an asset management company and an insurance agency.
The difficulties arise because the existing regulators only cover one...