On November 8, 2017, China released fresh details about a new financial regulatory body intended to calm a financial system that in recent years has endured a stock market crash, a huge exodus of money outside the country and the rapid accumulation of debt. Official Chinese media reported on November 8, that a new Financial Stability and Development Committee had held its first meeting, nearly four months after President Xi Jinping ordered its creation. It said the meeting was led by Ma Kai, a 71-year-old Vice Premier. At the meeting, Xinhua stated that Ma Kai stressed that China’s financial system should serve the real economy, namely, making money available to businesses that need it. He also stressed financial security. 

(Comment: Ma Kai himself is something of a lame duck, being past the age when Chinese officials typically retire, but he is a Vice Premier in the Chinese government, and it is possible the committee could be strengthened later.)