Administrative bodies in the Chinese financial sector are studying the reform agenda drawn up during the recent meeting of the 18th Central Committee of the Communist Party of China.

The People's Bank of China, the central bank, has stressed the need for stability during financial reform to guarantee sustainable social and economic development, the Shanghai Securities News reported on Friday.

The State Administration of Foreign Exchange is focusing on the "decisive" role of the market in allocating resources and forex reform in management policy and instruments.

Shang Fulin, head of the China Banking Regulatory Commission, wants banking reform handled in accordance with support for the real economy, mitigating risks and preserving consumer rights. To become a fully developed international player, China's banking industry is in need of better risk management and monitoring systems, Shang added.

Xiao Gang, head of China Securities Regulatory Commission, stressed development of a multilevel capital market, acknowledging that the focus of work for next year must be reappraised.

The China Insurance Regulatory Commission is formulating an overall plan for the insurance industry in the spirit of the reform agenda but recognizes the urgent need for specific plans for specific insurance products, said Xiang Junbo, the head of commission.

Action will be taken to improve innovation, operations and risk control, with supervision reform high on the list, Xiang added.

Niu Ximing, head of the Bank of Communications, said that reform would focus on the transition of commercial banks. With added risks and pressure, stricter capital discipline, Internet finance, and competition with private banks, state banks will be forced to quicken the pace of reform.

Hu Huaibang, head of the China Development Bank, pointed out that state banks must serve their primary function -- development financing -- and make due adjustments to their business structure. One crucial mission is to attract social capital for new urbanization.

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