China Banking Regulatory Commission chief Guo Shuqing Photo: Xinhua

China’s newly appointed banking regulator said on Thursday that risk prevention in the sector will be a more prominent policy focus in 2017.

Guo Shuqing, chairman of the China Banking Regulatory Commission, also said more than 430 billion yuan (US$62.5 billion) of debt-to-equity swap deals had been signed as of early February.

The remarks by Guo, regarded as one of China’s most experienced financial services professionals, were his first since getting appointed last week.

He was speaking ahead of the opening of the annual meeting of China’s parliament on March 5.