China creates a committee to lead reforms in the financial sector

China today announced the establishment of a Financial Stability and Development Committee with decision-making capacity, to coordinate sector reforms, regulatory changes and issues of monetary and fiscal policy.

Beijing, Nov 9 (EFE) .- China today announced the establishment of a Financial Stability and Development Committee with decision-making capacity, to coordinate sector reforms, changes regulatory and monetary and fiscal policy issues.

This new body will directly depend on the State Council (Executive of the country), will be established in an office in the own Council and will be led by the Chinese Vice Premier, Ma Kai, 71 years.

According to the official Xinhua news agency, Ma said at the first meeting of the Committee that China will maintain a prudent monetary policy, will strengthen the coordination of financial regulation and will promote the prevention of domestic and international risks.

The Committee will have the capacity to own of decision and not only of advice, reason why its functions will be complemented with those of the Popular Bank of China (central bank and main organ of monetary policy of the country).

Its creation is part of the efforts of the authorities to safeguard financial security and the rights of consumers of investment services, as well as encourage the sector to serve the real economy.

For Lian Ping, chief economist of the Bank of Communications, state-owned and one of the largest in China, the reason why the Asian country has decided to create this committee is that it could "solve the weaknesses of supervision and strengthen complete coordination."

The fragmented system that the country has Until now it has generated "blind spots" in financial supervision and arbitration, so the introduction of the Committee will improve the effectiveness of the regulation, he added.

Chinese authorities anticipated the creation of this body during a national financial services summit that was held in July of this year.

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