China’s State Council revealed plans yesterday to develop a national financial database over the next five years, Reuters reports, in a bid to “fend off systemic financial risk” not accounted for by the current system.
The project, lead by the People’s Bank of China, will focus of collecting more comprehensive data from key financial institutions including asset managers, financial holding companies, and currency exchange markets.
The Council also said in a statement that it will create a national balance sheet for its financial sector which will be used to gauge debt and risk levels in the wider economy.