SHANGHAI, June 17 (Xinhua) - China's financial regulator pledged to strengthen and refine modern financial regulation to better serve the country's high-quality economic and social development.

Efforts will be made to prevent and defuse risks, Ding Xiangqun, head of the National Financial Regulatory Administration, said on Wednesday at the 2026 Lujiazui Forum in Shanghai.

This photo, taken on May 18, 2023, shows the National Financial Regulatory Administration in Beijing, China. (File photo: China Daily)

The administration will resolutely guard against systemic financial risks, address risks from small and medium-sized financial institutions, and support efforts to resolve real estate and local government debt risks, Ding said.

Financial institutions will be guided back to their core business, she said, stressing the need to facilitate the quality improvement and scale reduction of small and medium-sized financial institutions, and to curb disorderly competition.

The administration will also optimize the structure of capital supply and improve the full-life-cycle sci-tech financial service system, she added.

Regulatory empowerment will be strengthened to help Shanghai build a world-class financial business environment, accelerate the improvement of the offshore financial regulatory system, and support Shanghai in pioneering pilot programs in areas such as pension finance and technology finance, Ding said.