BEIJING, Dec. 12 (Xinhua) -- China's financial system should tighten oversight, curb debt risks and crack down on illegal activities next year while maintaining supportive policies for key sectors, a senior Chinese official said on Friday.

He Lifeng, a member of the Political Bureau of the Communist Party of China Central Committee and director of the office of the Central Financial Commission, made the remarks at a national work conference on the financial system, which took place in Beijing on Friday.

During the meeting, He stressed that the financial system must thoroughly study and implement the guiding principles of the Central Economic Work Conference, which concluded on Thursday.

The country's financial system should prioritize preventing risks, strengthening regulation and promoting high-quality development in carrying out key tasks for the financial sector in 2026, he said.

Efforts should be made to prevent and mitigate financial risks related to local small and medium-sized financial institutions, real estate enterprises and local government financing vehicles, and to crack down on illegal financial activities.

Financial regulation should be consolidated further and strengthened by improving the regulatory framework for key sectors and ensuring its strict implementation, he said, adding that accountability for financial risks will be enforced rigorously.

The financial system should do a good job in implementing a moderately loose monetary policy, manage expectations effectively, make steady and orderly progress in financial reform and opening up, and enhance financial support for key areas such as expanding domestic demand, technological innovation, and micro, small and medium-sized enterprises.

He said that financial planning for the 15th Five-Year Plan period (2026-2030) should be well formulated, with strengthened overall coordination to ensure a good start for financial work during the period. Enditem