China’s Financial Stability Oversight Committee Takes Shape
China’s cabinet-level cross-agency committee for overseeing the sprawling financial sector is taking shape.
The committee, formally known as the Financial Stability and Development Committee, was created in July to lead and coordinate efforts among the central bank and other financial regulators. The aim, as central bank Governor Zhou Xiaochuan put it, is to contain risks in four areas: shadow banking, the asset management industry, internet finance companies and private financial conglomerates.
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