People walk past the headquarters of the People's Bank of China in Beijing. Photo: Reuters

Citing people familiar with the discussions, Bloomberg reports that a new financial regulatory framework is set to be debated during the fifth National Financial Work Conference on July 14-15.

The move would create a new office with People’s Bank of China governor Zhou Xiaochuan at the helm that would coordinate the three main regulatory bodies.

Tightening bank, stock market and insurance company oversight is one of Xi Jinping’s biggest priorities ahead of a leadership shuffle later in the year.