China's top financial regulator said Thursday it will roll out a combination of measures to foster a healthier industry ecosystem, pledging to root out practices such as price wars and irregular rebate schemes.
Cong Lin, deputy head of the National Financial Regulatory Administration, made the remarks at a press conference in Beijing held by the State Council Information Office.
"The administration will guide financial institutions to develop a proper understanding of what it means to perform well, operate soundly and manage risk effectively, correcting their misguided views about achievements and obsession with scale. The goal is to shift the industry away from a relentless pursuit of speed and size toward a focus on quality and efficiency, while steadily sharpening its core competitiveness. We will also crack down on practices such as price wars, irregular commission rebates, and high-interest with high-rebate schemes," Cong said.
Authorities will take a tougher stance against disorderly competition among financial institutions, such as aggressive marketing and promotional strategies to attract customers.
"We will also crack down on practices such as price wars, irregular commission rebates, and high-interest with high-rebate schemes," said the official.
China's financial regulator vows to crack down on disorderly price wars
Efforts are underway in Gaza to restore what remains of the historic Abu Salim Mosque and preserve that it represents, after the religious site was hit by an Israeli airstrike on August 24.
Located in Deir al-Balah in central Gaza, the Abu Salim Mosque is widely regarded as one of Gaza's oldest and most historically significant religious landmarks.
However, more than half of the mosque currently lies in ruins, with parts of its historic walls collapsing following the Israeli strike.
The municipality and volunteers are trying to salvage whatever they can from the rubble, even the mosque's damaged stones, valued by Palestinians for their historical and cultural significance.
"We are searching for heritage books and stones. When conditions allow reconstruction in the future, the municipality will work with heritage organizations to restore this mosque," said Salem Abu Hasnin, a member of the Deir al-Balah Municipal Council.
The search through the rubble is made harder by a severe lack of equipment and resources.
"This mosque is both a heritage and archaeological site. It was built in 1951 in the Ottoman style. Our team launched a preventive preservation campaign, collecting historic marble pieces and scattered limestone for safekeeping," said Shaimaa Al-Natour, a member of the Heritage Guardians Team.
The mosque's library was also damaged. Among the debris, the team is trying to rescue surviving books and preserve them with whatever materials are available.
"Documenting, archiving and collecting historic books require special preservation boxes. We are working with very limited resources, keeping the books in cardboard or wooden boxes that are not designed for this purpose," said Muhannad Abu Lahya, a cultural heritage guide.
The Palestinian Ministry of Religious Endowments says almost all of Gaza's 1,275 mosques have been targeted since the war began, including well over 1,000 that were completely destroyed.
Despite the widespread destruction, Palestinians remain determined to preserve their heritage, hoping what they save from the rubble can one day be rebuilt into what was lost.
Efforts underway to preserve historic Abu Salim Mosque after Israeli strike
