BEIJING, July 20 (Xinhua) -- Chinese Vice Premier Wang Qishan said Friday that supervision should be strengthened in the nation's financial sector so as to prevent the occurrence of systemic risks, meanwhile, the sector should better serve the nation's economic and social development.
"We must be determined to change the development pattern of the financial sector and make the sector better serve the real economy," Wang said at meeting held in Beijing.
Wang said that the growth speed of the sector should be achieved along with improvements in the structure, quality, as well as cost-effectiveness in the sector.
The sector should further increase financial support to the nation's agriculture-related entities, profitable exporters and importers, as well as small and micro-sized companies, Wang said.
The sector should avoid blind expansion and pursue a path of sustainable development, Wang said.
Meanwhile, he urged local authorities to enhance management over financial institutions. He also urged intensified efforts to clamp down on activities such as illegal financing and ponzi schemes so as to beef up risk prevention.