Consumers warned of risks over Chinese financial products

A senior Chinese banking regulator warned of risks in wealth-management products of Chinese banks.

Some lenders have failed to disclose sufficient information on the products to their clients, and some are weak in risk management.

To correct the situation, the commission will carry out checks over the financial products and work to improve financial services regulations this year, said Wang Yanxiu, head of the novel products department under the China Banking Regulatory Commission.

Wealth management businesses have boomed in recent years as competition for depositors among Chinese banks increased following government efforts to push market-based interest rates. The lack of investment channels has also made the products popular among depositors.

Recent media reports have revealed several cases of big losses in banks' wealth management products, highlighting the market's risks and regulatory loopholes.

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