China is considering a proposal to create a ministerial-level body to help tighten supervision of major financial State-owned enterprises (SOEs), Reuters reported Wednesday.

The new body would have a say in the management of China's biggest State-controlled financial institutions, including banks, brokerages, insurers, trust firms and funds.

By creating an overseer for banks, China could distribute the burden of managing its numerous and sometimes unruly state-owned businesses. The focus on banks may also tighten China's hold on its fast-growing financial sector.