China has set up a Financial Stability and Development Committee under the State Council and appointed Ma Kai, one of the four Vice Premiers of China, as the director, according to Xinhua news agency.

The main duty of the committee will be deliberating major reform and development programs for the financial sector, coordinating financial reform, development and regulation, coordinating issues concerning monetary policy, and coordinating the making of financial policies and related fiscal and industrial policies.

The committee will also analyze international and domestic financial situations, study systemic financial risk prevention solutions, as well as direct local financial reforms and supervise any financial regulators and local governments.

Insiders think the foundation of the committee not only conforms to the current development of the financial industry, but also reflects the high priority given to the financial security by top management.