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New body to oversee key financial policies

By Chen Jia | China Daily | Updated: 2017-11-15 07:09

China's newly launched cabinet-level committee, in charge of financial stability and reform planning, is expected to take responsibility for coordinating monetary, fiscal and industrial development policies, to better serve the real economy while avoiding conflicts.

The committee, led by the State Council with Vice-Premier Ma Kai as its head, will have a higher administrative level above the existing financial regulatory structure composed of the central bank and the banking, securities and insurance regulatory commissions, analysts said.

Inappropriate fiscal policy, such as the uncontrolled expansion of local government debt in order to pursue high GDP growth, should be cracked down by the committee as a rapid increase in local government borrowing may spark a systemic financial crisis, said Qiu Gaoqing, chief researcher with the Bank of Communications' financial research center.

New body to oversee key financial policies

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