China to create national financial database to fend off systemic risk

China will launch a five-year plan to build a national financial database with a focus on cross-sector products and important institutions including holding firms, in Beijing's latest measure to curb systemic financial risk, the cabinet said on Monday.The State Council added it will also create a balance sheet for the entire financial system covering banking, securities and insurance institutions and use it as the foundation for macro-economy leverage estimation, according to a guidance released