Work needed on China financial reforms, says Liu Mingkang

Asia Risk 25: ex-head of China’s banking watchdog urges “rigorous” changes as country opens up to foreign investors

Liu Mingkang led the CBRC between 2003 and 2011

Photo: Nicola Pitaro

This is the first in a series of articles marking Asia Risk’s 25^th anniversary

When Liu Mingkang became China’s top banking regulator in 2003, there were two action points at the top of his to-do list. One, tackle the country’s mushrooming non-performing loan pile. Two, root out the corruption endemic in China’s banking system at the time.

That year, China Construction Bank’s former president Wang Xuebing was sentenced to 12 years in jail for bribery. His replacement, Zhang Enzhao, followed