China's banking and insurance industry regulator has said that the two sectors it regulates have been performing on solid footing, with risks under control.
The insurance sector's solvency stayed at a healthy level, reports the Xinhua news agency citing a statement on the CBIRC website.
Insurers remained solvent, with the sector's comprehensive solvency adequacy ratio at 248% at the end of May, well above the 100% minimum requirement. Insurers' total assets amounted to CNY17.5 trillion at the end of last month.
The loan quality and performance of commercial banks remained generally stable. At the end of May, commercial banks' non-performing loan ratio stood at 1.9%, and their provision coverage ratio, the ratio of funds set aside to cover bad loans, was 183%, according to the Commission.
The CBIRC said it would continue to promote high quality development in the sectors and maintain the bottom line of zero systemic financial risks.