BEIJING, Jan. 20 -- China's National Administration of Financial Regulation (NAFR) said on Saturday that the country will steadily expand institutional opening up of the financial sector.

The NAFR said that it supports foreign-funded institutions with exceptional expertise in wealth management, elderly care and health care, and non-performing asset management in conducting business in China.

The country will give full play to the advantages of its ultra-large market and pool high-quality financial resources globally, it said.

The administration reiterated the significance of effectively preventing and defusing major financial risks and ensuring there will be no systemic financial risk.

The NAFR will intensify supervision of the financial sector and coordinate with other relevant authorities to place all financial activities under oversight in accordance with law.