Chinese Vice Premier Liu He has said that China will win the battle against financial risk and push forward financial supervision reform.
He made the comments at a speech at the inauguration ceremony on 8 April of the new China Banking and Insurance Regulatory Commission, reported the Xinhua news agency.
The reform of financial supervision system is an important part of China's overall institutional reform and will play a significant role in building a modernised financial oversight framework and preventing risks, he said.
Prevention of financial risks is key for China in what policymakers called the "three tough battles," namely controlling risks, reducing poverty and tackling pollution.
The move will also help solve problems such as cross-regulation and absence of supervision, according to Mr Liu.
China announced the merger of the banking and insurance regulators in March in an effort that aims to step up scrutiny of cross-sector activities.