“It is a hard nut to crack to change this model,” the Times said. “The biggest obstacle is attempting to re-assign responsibilities, power, and personnel.”

China’s financial markets are monitored and regulated by the People’s Bank of China (PBOC), China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission. At times, the regulatory bodies do not act in tandem.

The creation of a super regulator has been widely discussed within financial circles for years and gained traction after the 2015 stock market turmoil. At that time, President Xi Jinping ordered a plan to streamline financial oversight. President Xi is said to be attending this year’s conference.

One option believed to be debated is to consolidate regulatory power at the PBOC. Another proposal is to create a coordinating committee within the central bank. Either way, economists such as Xu Hongcai feel encouraged by the conference’s agenda.

“In grey areas in the financial markets, none of the (three regulatory commissions) were taking responsibility to fully monitor the situation,” Xu, deputy chief economist at the China Center for International Economic Exchanges, told CNBC.

“So certain products were left to grow wildly and this has created a lot of risk and fostered bribery and corruption.”

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