China regulator to deepen reform of small and medium-sized financial institutions

China's banking and insurance regulator said on Tuesday that it will deepen reform of small and medium-sized financial institutions and will take measures to dispose of various hidden risks.

The China Banking and Insurance Regulatory Commission (CBIRC) also said it was necessary to give priority to supporting the recovery and expansion of consumer activity，according to a statement released on its website after a work meeting.

China recently announced that it will replace the CBIRC with a new financial regulatory body, consolidating supervision at the sector.