China will steadily reduce the number of high-risk institutions to help fend off systemic financial risks, its central bank said on Wednesday (Mar 15).

Reforms of problematic small and mid-sized financial institutions have made key progress and illegal financial activities have been curbed, the People’s Bank of China (PBOC) said in a statement after its annual meeting on financial stability.

The central bank will continue to follow the guidance of “overall planning and coordination, differentiated policies and precise bomb disposal”, it said.