Financial stability committee launched

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.