0354 GMT March 19, 2018
The plan to create the new agency was submitted on Tuesday to the country's ceremonial legislature, which routinely endorses the ruling Communist Party's plans, according to AP.
The ruling party has made reducing financial risk a priority this year following a run-up in debt that prompted global rating agencies to cut Beijing's credit rating. China's insurance industry has been shaken by scandals including the arrest of the top regulator in a corruption probe and some companies face questions about whether they can repay their multibillion-dollar debt loads.
The plan said the agency will be charged with "preventing and dissolving financial risks."