Xi also said that guarding against systemic financial risks is the eternal theme of financial work and the government should take stronger initiative to monitor, warn against and deal with risks in a timely manner.

China will accelerate developing laws and regulations governing the financial sector, improve macro prudential management and emphasize functional as well as behavioral regulation, according to Xi.

The government will continue to deleverage the economy by firmly taking a prudent monetary policy and prioritizing reducing leverage in state-owned enterprises, Xi said.

The country will also resolutely deepen financial reforms including improving financial regulation coordination and shoring up weak links in supervision.

China will set up a committee under the State Council to oversee financial stability and development and the central bank will play a stronger role in macro prudential management and guarding against systemic risks, according to Xi.

The introduction of the State Council financial stability and development committee will help improve regulation effectiveness and address regulation challenges brought by increasingly mixed financial services, according to Lian Ping, chief economist with Bank of Communications.

Reforms of the financial regulation framework should be based on China's domestic conditions and all financial businesses will be put under supervision, according to Premier Li Keqiang.

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