China to ‘fully’ consider potential impact of new asset management rules: regulator

China will “fully” consider the possible impact on banks and markets before finalizing its new asset management rules, the Xinhua news agency quoted a senior banking regulator as saying on Saturday.

China issued draft guidelines last month to tighten rules on the asset management industry, the latest step to fend off systemic risks from the country’s rampantly growing shadow banking sector.

“The new regulations will fully consider the impact on banks and markets before being finalized,” Xinhua quoted Liu Zhiqing, deputy director general of the China Banking Regulatory Commission’s prudential regulation bureau, as saying.

“We are seeking comments now, hoping all parties will make suggestions and come up with good solutions that will be implemented smoothly.”

The transition period for the new regulations lasts until June 30, 2019.

Sources have told Reuters that 10 Chinese commercial banks have raised objections to the central bank’s proposals, saying it may cause a rush of redemptions among other risks.

The State Council, China’s cabinet, has announced that China will carry out its fourth economic census in 2018 to get a clear picture of the economy, Xinhua said in another story on Saturday. The survey targets all businesses in the secondary and tertiary sectors, the State Council said in a statement, adding that the census will facilitate economic planning.

Statisticians will collect data on enterprise ownership, financial status, production capacity, energy consumption, digitalization and e-commerce trading as well as research and development activities during the census, the State Council statement said.