CBRC: Greed at root of global banking woes

With the world economy still in the shadow of the financial crisis, financial supervision and the security of the financial markets will prove a heated topic at this year's Summer Davos in Dalian.

Liao Min, chief spokesperson of the China Banking Regulatory Commission (CBRC), told China Daily of the lessons that the Chinese banking industry needs to learn from the global financial crisis.

Addressing the fatal flaws that led to the breakdown of the banking system, Liao said: "The banks have a good framework for corporate governance. However, problems come from implementation in practice, for example, some people sitting on the boards of international investment banks and commercial banks lack adequate expertise in market risk and structured products risk management; and the incentive and compensation scheme also needs to review."