China transfers financial stability and development committee responsibilities

China announced the official removal of the financial stability and development committee and its office from the State Council on Thursday.

The responsibilities of the committee office have been transferred to the office of the Communist Party of China's central commission for finance.

The daily supervision responsibilities on financial holding companies have also been assigned to the National Financial Regulatory Administration.

The central commission for finance and the administration were established earlier this year as part of a plan on reforming Party and State institutions.

liuzhihua@chinadaily.com.cn