BEIJING, March 10 (Reuters) - China will strengthen control of risks linked to asset management, its central bank chief said Friday.
Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said there are irregularities in the fund management industry.
Zhou made the comments at a news conference on the sidelines of China's annual parliament session in Beijing.
China's central bank and other financial regulatory bodies are creating a universal framework for the oversight of the asset management industry, Chen Wenhui, the vice chairman of the country's insurance regulator, told a news conference in February.
Chinese investors, lured by high yields and expectations of implicit guarantees by the banks or other financial institutions, have poured trillions of yuan into lightly regulated wealth management products (WMPs), the biggest component of so-called "shadow banking" in China.
(Reporting by Kevin Yao and Yawen Chen; Editing by Kim Coghill)