BEIJING — China's securities chief said on Dec 28 that the country's capital market needs to better fulfill its role of supporting scientific and technological innovation in order to achieve high-quality development.

Yi Huiman, chairman of the China Securities Regulatory Commission, made the remarks while attending a symposium on the 30th anniversary of the establishment of China's capital market.

Support will be given to the two Chinese stock exchanges — the Shanghai Stock Exchange and the Shenzhen Stock Exchange — to help make them centers of innovation capital and world-class exchanges, he said.

Market entities will also receive support in establishing and improving a "long-term incentive and restraint mechanism" to spur the maximum internal driving force for innovative development, he said.

The securities chief said China's capital market also needs to increase the proportion of direct financing.