New fi nancial panel should coordinate policies: PBC offi cial

The major task of the newly launched committee under the State Council, the country’s cabinet, is to plan the development and management of fi nancial reform, coordinate the nation’s monetary, fi scal and industrial policy stances and strengthen the authority and eff ectiveness of government supervision, a central bank offi cial told the People’s Daily on Tuesday.

The explanation came amid market speculation about how the committee, set up during last week’s two- day National Financial Work Conference, will actually function.

Lu Lei, director of the fi nancial stability bureau under the People’s Bank of China ( PBC), China’s central bank, said that the new committee’s major tasks include refi ning risk monitoring and early intervention mechanisms, addressing supervisory shortcomings. Lu also noted that improving supervision methods and deepening reforms in the fi nancial sector are also the new committee’s mission.

Lu Qianjin, a professor of international fi nance at Fudan University, told the Global Times on Tuesday that the new panel should manage a much wider range of fi nancial risks compared with institutions in charge of fi nancial stability in the past, which were more concerned with traditional fi nancial sectors such as banking.

“I think the committee will cover fi nancial risks in innovative sectors such as Internet fi - nance. It should also deal with crisis management,” the professor said.

Lu Lei said that China’s systemic fi nancial risks are generally controllable, but risks related to bad assets, li banks and real e accumulating. A tivities are mush financial market benefit convey in

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