Wu Xiaoling warns of growing risks in China’s financial system

China must learn lessons from the West on complex products

Wu was speaking at the Lujiazui Forum in Shanghai

Wu Xiaoling, vice-chairman of the Financial and Economic Committee of China's National People's Congress, has warned the country needs to get to grips with increased leverage and complexity in its financial system to ensure risks are manageable in the medium term.

Wu said as China embarks on its aggressive reform agenda, which includes destocking, reducing overcapacity and costs and addressing weaknesses, the authorities "are very concerned" about systemic financial risks emerging due to

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