BEIJING, Aug. 8 (Xinhua) -- Fines for irregularities in China's banking and insurance sector surged in the past two years as the country's watchdog stepped up its crackdown on market violations.
A total of 5.941 billion yuan (about 843.2 million U.S. dollars) were imposed in fines from 2017 to the first quarter of 2019, more than the total of the previous 10 years, according to the China Banking and Insurance Regulatory Commission (CBIRC).
Some 11,735 administrative penalties were handed out during this period, with the majority in the banking sector.
About 99.73 percent of these penalties had been carried out, according to the CBIRC.
The regulator said it will enhance penalty execution and strengthen joint punishment to ensure the implementation of administrative penalties.
