Editor's note:
China will establish a committee under the State Council, the country's cabinet, to further improve regulation effectiveness, as well as safeguard financial stability and development.
The decision was announced during China's top financial meeting, the National Financial Work Conference, which was held on July 14 and 15. The decision was also in the midst of three tasks, including making the financial sector better to serve the real economy, containing financial risks and deepening financial reforms.
The financial work conference has been convened every five years since 1997 after the Asian financial crisis, and provides financial policy guidance, attracting much attention at home and abroad.
A few news clips from foreign media outlets about this issue have been listed below:
"While some details of what the policy guidance will mean for the next five years are not entirely clear, in the short term it looks as though Beijing will continue to push ahead with the deleveraging campaign, which began late last year."
- China signals deleveraging resolve at financial regulation meeting
Asia Times, July 17
"Chinese President Xi Jinping said the central bank will play a stronger role in defending against risks, calling for more work on safeguarding the financial system and modernizing its regulatory framework."
-Xi backs stronger risk-reduction role for China central bank
Bloomberg, July 16
"The Chinese economy's better than expected performance over the past year has given financial officials an opportunity to rein in credit, which they previously worried could dent economic growth."
- China's Xi orders debt crackdown for state-owned groups
Financial Times, July 16
"President Xi Jinping has ordered the establishment of a super regulator, with powers to coordinate the supervision and management of financial stability, finally putting into action a plan that has been in the works for at least a decade to mend over the country's fragmented regulatory structure."
-China sets up super regulator to mend over fragmented financial regulatory structure
South China Morning Post, July 15
