China establishes financial stability committee

China has set up a committee under the State Council to oversee financial stability and development, according to an official statement Wednesday.

The committee will be an office of the council, focusing on the deliberation and coordination of major issues concerning financial stability and related reform and development, according to the statement.

China announced that it will set up the committee during the two-day National Financial Work Conference in July.

"The committee will be tasked with 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 statement said.

The committee will also be responsible for analyzing international and domestic financial situations, addressing international financial risks, and conducting policy research on systemic risk prevention and treatment and financial stability.

Vice Premier Ma Kai will serves as head of the committee.