Agency planned to link China regulators

A new agency will link the regulatory efforts of China's central bank, market watchdogs and other monitors, the Wall Street Journal reported. "We are trying to set up a financial supervisory co-ordinating system between the central bank, fiscal department and financial regulators," said Vice Finance Minister Li Yong during the International Finance Forum in Beijing. The new body, he said, would aim to keep up with an evolving and more comprehensive financial industry. Chinese regulators have been looking for ways to improve the country's financial structure. A major meeting is likely to be held this year to set a fresh agenda for the overhaul of the system including dealing with debt-ridden banks and setting new policies for the securities and insurance industries.