BEIJING: China has asked state-owned financial institutions to remain focused on their main business and eliminate unnecessary operational hierarchies, while stepping up efforts to prevent risks from the inappropriate transactions of affiliates and false capital injection, according to the Finance Ministry.
State-owned financial institutions that are engaged in overseas investment and have subsidiaries abroad should focus on their main business, follow the necessary prudential and compliance requirements, and strictly implement the due diligence and feasibility requirements, the ministry said in a notice.
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