A national committee for overseeing financial stability and development-a new Cabinet-level regulatory body-convened on Wednesday for its first plenary meeting. Analysts said the new committee will help the country better cope with potential financial risks.
The central government announced its decision to set up the new regulatory body at the National Financial Work Conference in mid-July.
Vice-Premier Ma Kai, who heads the new committee, said at Wednesday’s meeting that the financial system should unswervingly carry out the policies laid out at the 19th National Congress of the Communist Party of China last month, according to a report by Xinhua News Agency. At the meeting, the committee approved a list of primary tasks it will carry out in the short term and stressed that the main economic regulatory philosophy of maintaining stability while seeking progress will be followed, the report said.China will stick to its prudent monetary policy, strengthen financial regulatory coordination, improve its ability to handle risks, better guide the financial system to serve the real economy and safeguard national financial security, the report said. China Business News
0 comments: