China's State Council announced on Tuesday that a joint conference mechanism between financial ministries will be established to promote concerted financial regulation.

The conferences will be initiated by the People's Bank of China, which is the central bank, while banking, securities, insurance and foreign exchange regulators will also participate, it said in a statement on the official website.

The National Development and Reform Commission and the Ministry of Finance will also be invited to the conferences if necessary, it said.

A special office will be set up at the People's Bank of China to organize the joint conferences, which will discuss coordination of financial regulatory rules on fending risks and promoting financial innovations.

"The joint conferences will not change the existing financial regulation system. It won't replace or weaken the current division of work between ministries. And it cannot substitute for the decision-making process of the State Council,"according to the statement.

Quarterly and temporary meetings will be summoned and regular briefing about the meetings will be submitted to the State Council, the statement said.

The joint conference members include: the central bank governor Zhou Xiaochuan; Shang Fulin, chairman of China Banking Regulatory Commission; Xiao Gang, chairman of China Securities Regulatory Commission; Xiang Junbo, chairman of China Insurance Regulatory Commission; and Yi Gang, head of the State Administration of Foreign Exchange.