Caixin (January 9) reported that after tightening regulations the China Banking and Insurance Regulatory Commission, China's top banking regulator, fined several state-owned banks and financial institutions a total of nearly 200 million yuan ($31 million) for violations mostly in wealth management and small business loans. Though authorities delayed the implementation of sweeping new WMP rules until the end of 2021, the fines show China’s determination to crack down on risky wealth management products (WMPs). The Industrial and Commercial Bank of China (ICBC), one of the big four state-owned banks, was levied the biggest fine, 54.7 million yuan, for its investment of wealth management products in its own nonperforming assets and in rights to interest on other banks' credit assets or nonstandard assets, and insufficient disclosure about its wealth management products. Financial institutions that facilitated defaulting state firm’s bond issuances were told to rectify behavior.