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China, against easy credit, stricter requirements for top managers

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Change of gear for top managers

From May 1st, the music changes for the top managers of Chinese financial institutions. Beijing has already embarked on a detailed reform of the requirements and standards for the top management of financial holding companies and, in turn, for those who have to choose the first line within companies.

The move is part of the more general plan to put the rein on the development of finance coupled with e-commerce, but the revision of the requirements in this case is much more radical.

The Chinese Central Bank has in fact issued a regulation that provides for very strict rules both in the curriculum and in the experience that top managers will have to boast.

Targeted are administrators and supervisors, internal audit managers, as well as senior executives who have a great impact on operational management, risk control and decision-making especially in financial holding companies, such as the general manager.

The regulation – signed by Governor Yi Gang – sets a radical change in the choice of management by the directors, supervisors and senior managers of financial holding companies, with the aim of regulating the functioning of financial holding companies and preventing operational risks.

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