BEIJING — China's continuous efforts to crack down on illegal activities in the banking industry have achieved desired effects, an official with the country's top banking authority said on Sept 14.

The market order of the banking sector has continued to improve, Zhu Tong, deputy director of the Banking Inspection Bureau of the China Banking and Insurance Regulatory Commission, said at a news conference.

The number of illegal activities and the amount involved fell 40 percent year-on-year in 2019, he added.

Liu Zhongrui, another official with the commission, said China has achieved remarkable results in stemming the growth of the shadow banking since 2017.

Shadow banking levels in China have fallen by 16 trillion yuan (about $2.34 trillion) from a peak in 2017, Liu said.

In recent years, China has clamped down on shadow banking, amid concerns over the hidden risks in the high volume of complex and potentially risky loans in the sector.

The commission will continue to strengthen oversight of the sector to maintain the progress made, Liu added.