Chinese Vice Premier Liu He said that China will push forward financial supervision reform and win the battle against financial risk.

Liu made the remarks when attending the inauguration ceremony of the new China banking and insurance regulatory commission on April 8.

The reform of financial supervision system is an important part in China's overall institutional reform and will play a significant role in building a modernized 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 Liu.

The vice premier also asked the new regulator to conduct supervision on the track of rule of law.

China announced to merge the banking and insurance regulators earlier last month in an effort to step up scrutiny of those fast-evolving industries.

(Xinhua News Agency April 8, 2018)