Premier Li Qiang has been named head of the Central Financial Commission (CFC), which was set up by the Communist Party in March this year to supervise and manage the country’s financial system.

According to Xinhua, Li has already led a meeting of the commission on Monday to discuss what needs to be done to promote the high-quality development of the financial sector.

It agreed on the need to further develop areas such as fintech and green finance, while maintaining the stability of monetary policies.

It also highlighted the importance of beefing up the financial regulatory framework to “manage risks at source”.

Li's appointment came after Vice Premier He Lifeng was appointed earlier this month as the head of the office of the CFC, which is responsible for running the day-to-day affairs of the new regulator.

The other new major financial regulator established earlier this year was the National Administration of Financial Regulation under the State Council – which is responsible for regulating the financial industry, with the exception of the securities sector.