BEIJING — China's financial risks are generally under control, while challenges remain as the COVID-19 pandemic has dealt a severe blow to global economic growth, said the central bank.

The People's Bank of China (PBOC) has urged enhanced monitoring and assessment of financial risks, as well as a profound grasp of current trends of development in the respect, according to a video teleconference on financial stability for 2020.

The country will double down on non-performing loans with multi-pronged measures as it seeks to dispose of financial risks, said the meeting.

The meeting also stressed the role of deposit insurance system in detecting and defusing financial risks, along with the need to deepen the reform and opening up of the financial sector.