China to deepen local financial regulatory mechanism

China will deepen reform of its local financial regulatory mechanism, according to a draft submitted to the national legislature for deliberation on Tuesday.

To do this, China will develop a local financial regulatory mechanism, of which the agencies dispatched by the central financial regulators will constitute the main pillar, indicates the project on the reform of the institutions of the Council of the Affairs of State.

The institutional structure and resources of these deployed agencies will be optimized in a coordinated manner, the project notes.