BEIJING : China has made progress in cleaning up non-compliant wealth-management products , a senior regulatory official said on Saturday, as he declared a transition period in a years-long clampdown on the sector"basically complete".
Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commision told a forum in Beijing that non-compliant short-term wealth management products and products with principal guarantees had been eliminated by the end of 2021.
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