China cabinet plans key policy meeting on financial system reform – AFX News

From AFX via

China’s state council, the country’s cabinet, is planning a key meeting later this year to set a fresh agenda for the overhaul of its financial system, the Wall Street Journal reported, citing a government official.

The meeting could yield changes for China’s most troubled banks and usher in new programs to rejuvenate the securities and insurance industries, the report said, citing the unidentified official.

The meeting could also help create a deposit insurance agency, modeled after the US Federal Deposit Insurance Corp (FDIC), an idea that is being studied by China’s central bank and banking regulator, the source said. [Full Text]

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