China to deepen reform of local financial regulatory mechanism

BEIJING -- China will deepen the reform of its local financial regulatory mechanism, according to a plan submitted Tuesday to the national legislature for deliberation.

To do that, China will develop a local financial regulatory mechanism with agencies dispatched by central financial regulators as the mainstay, said the plan on reforming State Council institutions.

The institutional structure and resources of these dispatched agencies will be optimized in a coordinated manner, the plan noted.