The Financial Stability and Development Committee (FSDC) created last July at the National Financial Work Conference, launched its operations in November. The committee is expected to coordinate monetary policy and financial markets regulation among China's three main market supervisory agencies and the central bank. The committee will also oversee financial sector reform programmes and develop ways to manage financial market risk. The committee is headed by vice premier Ma Kai and it operates under the State Council.
The IMF welcomed the new committee in its latest FSSA. It would also like to see the FSDC establish a separate financial stability committee that would focus solely on maintaining financial stability and regularly monitor for systemic risk as well as to make recommendations on macroprudential policy actions. The IMF recommends a more broad-based approach to monitoring for systemic risk to replace the current sector-based approach.