Chinese financial sector is stable, risks well under control: regulator

China's financial sector remains stable, with risks well under control, and the government has confidence, conditions and capability to maintain healthy and steady development of the country's financial sector, Li Yunze, head of the National Financial Regulatory Administration (NFRA), said at the Asian Financial Forum which kicked off in Hong Kong on Wednesday.

With deepening financial supply-side structural reform as its main task, the NFRA will guide financial institutions to focus on their main business, with renewed emphasis on fin-tech innovation, green finance, inclusive finance, pension finance, and digital finance in order to strengthen their functions in serving the real economy, Li said.

Although the Chinese mainland's economic development encountered some challenges and difficulties, there are still far more favorable conditions. The economy's sound growth is secured for the long term, and the continuous structural improvement and high-quality development will remain unchanged thanks to the country's solid financial fundamentals, strong vitality and sufficient policy room, the official said.

Li stressed that the Chinese mainland will steadily expand institutional opening-up across the financial sector and will explore more measures to support foreign institutions to set up businesses and expand operations in the Chinese mainland market.

China will step up efforts to protect the legitimate rights and interests of foreign enterprises and to provide a better business environment, according to Li.

As an international financial hub, Hong Kong has advantages in its open and free economy, mature financial market, international legal environment and its attraction to global talent. The NFRA will seek to strengthen supervision cooperation with Hong Kong and boost higher-level opening up to the Hong Kong and Macao under the Closer Economic Partnership Arrangement framework and give full play to Hong Kong's unique advantages under the One Country, Two Systems principle and will continue to strengthen its standing as an international financial center, Li said.