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China to Hold Finance Work Meeting From Jan. 6, Business Reports

Jan. 4 (Bloomberg) -- China will hold its fourth national financial work conference on Jan. 6 to discuss issues including banks’ capital-replenishment mechanisms, China Business News reported, without saying where it got the information.

To prepare for the meeting, 20 government ministries and financial regulators started early in 2010 to study 15 key issues that also included the prevention of systemic financial risks, the management of state-owned financial assets and the supervision of “too-big-to-fail” financial institutions, the Chinese-language newspaper reported today on its website.

The authorities held three such meetings in 1997, 2002 and 2007, all of which set the tone for major financial reforms that were started afterwards, the newspaper said. This year’s meeting was originally scheduled for 2010, the report said without specifying reasons for the delay.

Officials will only discuss 10 issues at this year’s meeting, which will end on Jan. 7, Caixin Online reported on Dec. 25, citing unidentified people. A proposal to set up a committee to oversee the nation’s state-owned financial assets had been shelved due to lack of consensus among government agencies, the report said.

The State Council has approved a draft plan to set up a state-owned assets supervision and administration commission for the financial sector, the China Times reported on Dec. 12, without saying where it got the information. Li Yong, a vice minister of finance, was recommended as chairman of the commission.

Beijing-based press officials at China Banking Regulatory Commission and China Insurance Regulatory Commissions declined to comment. A phone call to the China Securities Regulatory Commission went unanswered.

To contact the reporter on this story: Bloomberg News in Beijing at dzhang14@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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