China sets up panel tasked with reviewing financial reforms

BEIJING (Reuters) – China has formally set up its State Council Financial Stability and Development Committee, Xinhua news agency said on Wednesday, a panel responsible for reviewing financial reform and development.

Headed by vice premier Ma Kai, the committee would also coordinate monetary policy and financial supervision, Xinhua said.

The committee would maintain prudent monetary policy and strengthen financial supervision, it said. It would also improve China’s ability to fend off risk and safeguard national financial security.

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