China's regulator warns insurers over risk

China stocks

In a note to the the market sent yesterday, the CIRC has asked for a greater focus on risk assessment by improving systems and managing liquidity. The CIRC said insurers should improve internal compliance and develop long-term asset allocation strategies. The warning comes as China's President Xi Jinping looks to curb excesses in the financial sector and several weeks after the CIRC's chairman Xiang Junbo was taken in for questioning by authorities.