The State Council Financial Stability and Development Committee held its first meeting on 8 November after its introduction in mid July, reports Xinhua. Ma Kai 马凯, vice-Premier, was appointed Committee director, showcasing the Committee’s authority over the People’s Bank of China (PBoC) and other financial regulators.
According to Xinhua, the Committee’s main functions are
  • implementing decisions of the Party and State Council regarding financial policy and regulation
  • reviewing and approving major guidelines for financial industry development
  • coordinating promoting financial reform and strengthening financial regulation
    • coordinating monetary policy and financial regulation
    • coordinating financial, fiscal and industrial policy
  • studying the mechanism for disposal of systemic risk and maintaining financial stability
  • providing guidance for industry-specifc financial regulation and local-level financial reform and regulation