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BEIJING, Nov 30 (Reuters) - China's property market is the
biggest "grey rhino" - a very obvious yet ignored threat - in
terms of financial risks, given it is so deeply intertwined with
the financial industry, the head of the country's banking
regulator said.
Guo Shuqing, who is chairman of the China Banking and
Insurance Regulatory Commission (CBIRC) and party chief of the
country's central bank, made the comments in a collection of
articles by policymakers on China's 14th Five-Year Plan, the
official Shanghai Securities News reported on Monday.
Loans related to the property market currently account for
39% of total bank loans in China - to say nothing of a large
amount of bonds, equities and trust investments with exposure to
it, Guo said.
"It's safe to say that the property market is currently the
greatest grey rhino in terms of financial risks," he was quoted
as saying.
Guo also noted that modern technologies have brought and
will continue to bring big changes to the financial industry,
with digital currency, cybersecurity and information security
emerging as key challenges for regulators.
In response, Guo said the CBIRC would use innovative ways to
regulate large technology firms to prevent risks and monopolies,
while promoting their development, according to the report.