New regulation to curb financial risk: Banking official

China's financial regulators are improving a new asset management regulation and the banking regulator will soon release detailed rules after the new directive is officially launched, Wang Zhaoxing, vice-chairman of the China Banking Regulatory Commission, said on Tuesday.

Wang, who also is a member of the 13th National Committee of the Chinese People’s Political Consultative Conference, said the new asset management regulation is a key document to curb financial risks and to address chaotic activities in the financial industry.

But he declined to give a timetable for the issuance of the new regulation.

"It depends on the process of revising the rules. There are still many disagreements among the regulators," Wang said.