China's Vice Premier Ma Kai Leads Financial Stability Committee

(Bloomberg) -- China’s Vice Premier Ma Kai has become the director of the nation’s Financial Stability Development Committee and held its first meeting, according to a statement on the government’s website.

China will maintain prudent monetary policy, enhance coordination among financial regulators, increase the ability to prevent financial risks and safeguard national financial security, Ma said in the statement. He’s one of the country’s four vice premiers and responsible for macroeconomic policies.

President Xi Jinping announced in July the establishment of the committee at a twice-a-decade National Financial Work Conference. The move signaled that curbing risk in the $40 trillion financial industry has been elevated to a new level amid increasingly intertwined business between China’s banks, brokerages, asset managers and insurers.

To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net.

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, Rita Nazareth, Peter Millard

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