China will establish a central financial committee to ensure financial stability and promote further development, according to a plan jointly issued by the Communist Party Central Committee and the State Council on Thursday.

The plan for the reform of Party and State institutions noted the full authority of the Party Central Committee over financial work will be upheld.

The newly established committee will assume its responsibilities to ensure top-level design, overall planning, better coordination, holistic advancement and solid implementation of work related to financial stability and development. It will also study and deliberate major policies and critical issues in the financial sector.

The previous financial stability and development committee under China's State and its working bodies will not be retained, and its responsibilities will be taken over by the new committee.

The plan said the committee will be put in place to ensure the Party's political work is stressed, ideology is strengthened, organizations are consolidated, conduct is improved and discipline is maintained.