China extends campaign to control risk at banks Bloomberg The Chinese government on Thursday told smaller, local financial institutions to step up risk management and avoid “excessive” growth, stepping up a campaign to clamp down on a build-up in debt as the economy stabilizes. At a meeting of the Chinese Financial Stability and Development Committee, Chinese Vice Premier Liu He (劉鶴) called for “zero tolerance” on illicit activities, telling regulators to improve supervision of shareholders and owners of financial institutions, risk concentration, connected transactions and data authenticity, an official statement said. With the COVID-19 pandemic largely contained and the economy rebounding, policymakers are shifting their focus to deleveraging, a long-standing goal shelved during a trade dispute with the US and further delayed by the pandemic.