BEIJING — China will continue to improve the "twin pillar" regulatory framework that is in line with its own national conditions, a central bank official said on Oct 21. 

This aims to support the formation of a new development pattern that takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, said Pan Gongsheng, deputy head of the People's Bank of China.

Pan, who also heads the State Administration of Foreign Exchange, was speaking at the Annual Conference of Financial Street Forum 2020 that opened in Beijing on Oct 21. 

Pan said China will continue to improve the macro-prudential policy framework, issue macro-prudential policy guidelines in a timely manner and enhance the overall design and governance mechanism of China's macro-prudential policies.

Emphasis will be placed on improving the macro-prudential monitoring, assessment and early warning systems in key areas such as real-estate finance, the foreign-exchange market, the bond market, shadow banking and cross-border capital flows, he said.

Pan particularly stressed the need to strengthen regulation of systemically important financial institutions and financial holding companies.

It is necessary to strengthen coordination between macro-prudential policies, monetary policies and micro-prudential regulation policies, and give full play to the synergy of those policies, according to Pan.

Meanwhile, macro-prudential policies should coordinate with fiscal policies, industrial policies and credit policies, among others, to provide better financial services for the real economy, he said.