China's finance watchdog vows tighter oversight to curb risky innovation
• China's new finance overseer warns against "unrealistic or fake" financial innovation that is detached from the real economy • States that finance and the real economy are integral and must prosper together • Pledges tougher, more consistent financial oversight with "teeth and thorns" • Aims to improve regulatory coordination and supervision of regulators themselves • Comes alongside penalties on banks and insurers for irregularities