(ECNS) - The banking and insurance regulator in Beijing has halted questionable financial products not compliant with laws and regulations, Beijing Daily reported on Monday.
Among the products it banned are new schemes offering insurance against smog or stock market fluctuations.
Beijing Banking and Insurance Regulatory Commission has ordered companies to strengthen internal management in introducing new financial products or services.
Authorities will increase monitoring and guidance over market innovation to stop problematic products in a timely manner, according to the report.
Priority will be given to clamping down on financial products that violate "public order and good customs," it said.
In 2018, the commission conducted on-site inspections of 57 financial institutions including banks, trusts and non-bank institutions as well as 71 other institutions including insurance companies and agencies. The inspection covered a wide range of areas related to real estate, shadow banking and illegal fundraising.
The commission said outstanding loans for micro and small firms hit about 1.2 trillion yuan in Beijing, up 15.23 percent year-on-year. More than 257,000 micro and small firms have applied for loans by the end of 2018.