China's cabinet to establish commission for financial stability, development

China will set up a commission under the State Council to oversee financial stability and development, according to President Xi Jinping.

Chinese President Xi Jinping. [Photo: people.com.cn]

The country will resolutely deepen financial reforms including improving financial regulation coordination and shoring up weak links in supervision, Xi told a two-day National Financial Work Conference that ended Saturday.

China's central bank will play a stronger role in macro prudential management and guarding against systemic risks, 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 Xi.

The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.