China officially launched its new super financial regulator on Wednesday, four months after President Xi Jinping ordered the creation of the agency to tackle financial risk. The Financial Stability and Development Committee under the State Council had already convened its first meeting and defined a wide range of functions, the South China Morning Post reports. The committee was headed by Vice-Premier Ma Kai, the report said. That means it will have a higher political ranking than the various government ministries already involved in financial oversight. The agency would supervise China’s monetary policy and financial regulation, the report said. It will also formulate policies on systemic financial risk management and maintaining China’s financial security, and give local governments guidelines on their financial development. In addition, it would have the authority to supervise and question financial regulators and local governments, making it a powerful institution rather than a toothless coordinating body, according to the report.