Rare secret policy meeting in the works

A rare, two-day policy meeting is on the agenda for later this year as China's cabinet looks for ways to overhaul its financial system, the Wall Street Journal reported. Citing a government official with knowledge of the plan, the newspaper said the meeting could lead to changes at banks and new policies on rural lenders. The meeting could also help create a new deposit insurance agency, like the Federal Deposit Insurance Corporation in the US. If held, this would be the third meeting of its kind in China. Two previous meetings resulted in major shifts in the nation's financial systems, the newspaper said. No date has been set for the meeting.