President Xi Jinping said during the two-day National Financial Work Conference, which ended on Saturday, that China will set up the Financial Stability and Development Committee under the State Council.

The establishment of the committee will help strengthen oversight of the financial system to contain risks.

Financial security is a significant part of national security, and the government should take the initiative to monitor, warn against and deal with systemic financial risks in a timely manner, with the central bank playing a stronger role in macro-prudential management.

The government will also enhance coordination and connectivity among the financial supervisory organizations and promote the sharing of information.

Reforms of the financial regulation framework will be based on China's domestic conditions and all financial businesses will be put under supervision.

According to experts, the government will further enhance financial regulation and promote institutional regulation to prevent financial risks.