SCIO briefing on operations and performance of the banking and insurance sectors in the first quarter of 2020

The State Council Information Office held a press conference on April 22 in Beijing to brief the media about the operations and performance of the banking and insurance sectors in the first quarter of 2020. April 23, 2020

The New York Times:

Many commodity exporting nations are running into difficulties now with low prices for oil and other raw materials. How would you handle impaired loans by Chinese banks to developing countries? And you are already saying there are impaired loans. Thank you.

Huang Hong:

Thanks for your question. We will have Mr. Xiao Yuanqi, chief risk officer of the CBIRC, take the question.

Xiao Yuanqi:

Thanks for your question. Both in China and overseas, Chinese banks have various business dealings, including loans. Affected by the COVID-19 outbreak and other factors, the global market has seen some turbulence, including in the financial sectors and the world economy as a whole. This has inevitably had an impact on the banks' overseas loans. This is not an issue limited to Chinese banks, as foreign banks are facing it too.

On the one hand, our banks should act in line with the market principles and laws in order to continue their normal operations in other developing countries and developed countries. On the other hand, we must bolster the risk assessment. Risk management in various sectors will be improved based on customer segmentation for banks. More importantly, these banks should strictly abide by Chinese laws and regulations, as well as those laws and regulations enforced in host countries and regions. Meanwhile, Chinese banks must carry out normal commercial activities in foreign countries in strict accordance with international rules. Thanks.

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