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FINANCE

China’s Financial Stability Oversight Committee Takes Shape

By Wu Hongyuran and Leng Cheng
The first task of Financial Stability and Development Committee, whose members include representatives from the People’s Bank of China (pictured) and other financial regulators, will be to draft laws and regulations to clearly state the responsibilities of the central bank and the regulators in combating ballooning financial risks, a source told Caixin. Photo: Visual China
The first task of Financial Stability and Development Committee, whose members include representatives from the People’s Bank of China (pictured) and other financial regulators, will be to draft laws and regulations to clearly state the responsibilities of the central bank and the regulators in combating ballooning financial risks, a source told Caixin. Photo: Visual China

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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