President Xi Jinping addresses the National Financial Work Conference which is held from July 14 to 15, in Beijing, capital of China. [Photo/Xinhua]
BEIJING — China will set up a commission under the State Council to oversee financial stability and development, according to President Xi Jinping.
The country will resolutely deepen financial reforms including improving financial regulation coordination and shoring up weak links in supervision, President Xi told a two-day National Financial Work Conference that ended on July 15.
China’s central bank will play a stronger role in macro prudential management and guarding against systemic risks, President Xi added.
Financial regulators should carry out their duties with dedication to monitor, warn against and deal with risks in a timely fashion, he said.
The government will also enhance coordination and connectivity of financial infrastructure and promote sharing of statistics and supervision information, according to President Xi.
The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.