China urged to set up own Financial Stability Board
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China should establish its own financial stability board to determine major issues concerning the country's financial stability, suggested Xie Ping, deputy general manager of China Investment Corporation, in an article.
Board members will consist of officials from the central bank, the Ministry of Finance and the three regulatory bodies of banking, insurance and securities sector, Xie stated in the article. The board, which will adopt a voting system, can effectively clear up responsibilities of decision-making and ease the burden of the State Council to review every little decision, Xie noted.
Xie also suggested China set up a special regulatory authority governing state-owned financial assets and further improve the payroll-management system for executives of state-owned financial enterprises.
China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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