Chinese President Xi Jinping addresses the National Financial Work Conference which is held from July 14 to 15, in Beijing, capital of China. (Xinhua/Li Tao)
BEIJING, July 15 (Xinhua) -- China will set up a commission under the State Council to oversee financial stability and development, according to President Xi Jinping.
The country will resolutely deepen financial reforms including improving financial regulation coordination and shoring up weak links in supervision, Xi told a two-day National Financial Work Conference that ended Saturday.
China's central bank will play a stronger role in macro prudential management and guarding against systemic risks, Xi added.
Financial regulators should carry out their duties with dedication to monitor, warn against and deal with risks in a timely fashion, he said.
The government will also enhance coordination and connectivity of financial infrastructure and promote sharing of statistics and supervision information, according to Xi.
The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.
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President Xi urges stronger financial regulation to contain risks
BEIJING, July 15 (Xinhua) -- Chinese President Xi Jinping called for stronger financial regulation to contain risks at a two-day National Financial Work Conference that ended Saturday.
Guarding against systemic financial risks is the eternal theme of financial work and the government should take stronger initiative to monitor, warn against and deal with risks in a timely manner, Xi said. Full story
