China's top banking regulator said on July 17 it will place more priority on proactively preventing and defusing financial risks.

The China Banking Regulatory Commission (CBRC) said in a statement it will focus on guarding against risks in liquidity, credit, shadow banking and other major areas.

The commission will make planned and step-by-step efforts to tighten the regulation of interbank investment and financing, leveraging and off-balance-sheet business, according to the statement.

Reforms of the banking sector will be accelerated to improve lenders' corporate governance and introduce private capital into the industry in an orderly way, the statement said.

It noted the CBRC will work under the leadership of the new cabinet committee on financial stability and development, and strengthen coordination with other regulatory agencies and local governments.

The statement came after a two-day National Financial Work Conference that ended on July 15, which unveiled reform plans to improve the financial sector's capabilities to serve the real economy while guarding against systemic risks.

It was announced after the conference that a committee will be set up under the State Council to oversee financial stability and development.

The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.

(Xinhua News Agency July 17, 2017)