Caixin reported on January 13, 2016, that the General Office of the State Council has created a Secretariat to coordinate the administrative affairs of China's major financial regulators. It will focus on facilitating communication and cooperation between the central bank and the regulators for the securities, banking and insurances industries on administrative issues. Li Zhenjiang, a former vice president of the Agricultural Bank of China, has been appointed the deputy chief of the new unit in charge of its daily operations.