BEIJING -- China has set up a state finance institute, expected to become the country's leading financial think tank, to address increasing complexity and the country's progress in opening-up and reform.

The institute, to be operated by the PBC School of Finance under Tsinghua University, was co-founded by the university and China's major financial regulators, including the People's Bank of China and three top watchdogs for the banking, stock and insurance sectors.

Liu Hongru, former deputy governor of the central bank and the first chairman of the China Securities Regulatory Commission, said on Saturday that the country's financial reform has entered a new phase to build an internationalized and market-based sector.

He said he hopes the institute will strengthen research efforts and produce concrete results to tackle the complicated circumstances confronting the country's financial development.

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