BEIJING, March 7 -- China will set up a national financial regulatory administration, according to a plan submitted Tuesday to the national legislature for deliberation.

Directly under the State Council, the proposed administration will be in charge of regulating the financial industry except the securities sector, according to the plan on reforming State Council institutions.

It will be established on the basis of the China Banking and Insurance Regulatory Commission, which will not be retained, the plan said, noting that certain functions of the People's Bank of China and the China Securities Regulatory Commission will be transferred to the new administration.