‍China's top banking regulator on Friday vowed to strengthen supervision and punishment over illegal activities in the banking sector to enhance risk control and improve financial services for China’s real economy.

China Banking Regulatory Commission said it would focus on irregularities such as illegal financial activities this year.

Yang Jiacai, assistant to the CBRC chairman said at the briefing that "the CBRC will demand all banks make self-examinations and self-correction that would cover all the personnel, products and businesses in the banking system.”

"The non-stop emergence of new financial products and businesses in recent years has given rise to irregularities in the banking sector," said Yang, who also promised strict supervision and punishment in the financial system. 

China’s financial services sector is emerging aggressively, triggering different types of technological innovation in the financial sector. The country leads the world in total users and market size, as more and more fin-tech startups are growing. According to a Citi GPS research report, the Chinese mainland took over the US as the No.1 investment destination in fintech.

This year, the banking regulator will toughen punishment and increase fine measures, and will focus on risk control in stock equity, overseas investment, as well as domestic collusion with overseas investors for illegal financial services.

In the first quarter of 2017, the banking regulator imposed administrative penalties on 485 cases, summing up to fines worth 190 million yuan (about 27.54 million US dollars).

On March 29, CBRC made 25 punishments on wrongdoings of financial receipts, avoidance of supervision, arbitrary charges, and activities on the contrary to the national macro-economic policies.

(With inputs from Xinhua)