The National Financial Work Conference convened in Beijing on July 14 and July 15， 2017. At the meeting， Xi Jinping proposed the establishment of the State Council Financial Stability Development Committee.

The meeting confirmed that the regulatory model is going to strengthen comprehensive regulation， and highlight functional regulation and conduct regulation. This is the first time that change of regulatory model has been confirmed at such a high level， which means that the 搃nstitutional supervision？model previously used by the central bank， the CBRC， the CSRC， and the CIRC will fade into history. This is a major shift in regulatory model.