China’s bond market could play a greater role in supporting the real economy and help commercial banks replenish their capital, and it is important to promote the issuance of credit bonds and steadily develop asset securitization, said the People’s Bank of China, according to an announcement on its website.

Following its financial market work conference, the PBOC said it will continue to strengthen supervision of the gold market, the bill financing market, the inter-bank lending market, as well as the Internet finance and real estate finance sector.

The PBOC also pledged to comprehensively improve financial services for private and small enterprises, including encouraging banks to increase credit supply and supporting bond financing.

The meeting also pointed out that China’s economic and financial development has entered a new stage. It is arduous to prevent financial risks while the economy is facing downward pressure, it concluded.