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China's cabinet, the State Council, has sent a national work team to the disaster-hit area to guide relief work. Local governments have activated top-level emergency response procedures.

Financial risks mainly come from poor coordination between various regulators, according to Li Yang, director of National Institution for Finance and Development. To deal with this, a new cabinet committee has been given responsibility for coordinating financial development and regulation.

The handling of these cases demonstrates that all people are equal before Party regulations, and the enforcement of such rules allows no privilege or exception.

The conference also said the central bank will play a stronger role in macro prudential management and guarding against systemic risks.

The revision aims to create an easy environment and some sense of gain for SMEs, according to Guo.