China's leverage levels are stabilizing and gradually falling, said Zhou Xiaochuan, central bank governor, on Friday.

He also said that the central bank will play a more important role in the country's new regulatory framework.

He made the comments at a press conference during the ongoing first session of the 13th National People's Congress.

"The trend of stabilizing and gradually falling leverages is entrenched," he said when responding to question that China's leverage levels are actually rising. The money supply growth, for example, has fallen even below nominal GDP growth, he said. "There are various debt financing indicators and one should not pick one indicator to come to the conclusion (of rising leverages)," he said.

He also said the country will study the twin peaks model of financial regulation in some countries, but not necessarily adopt it. "It (whether China will adopt the model) will mainly be based on China's conditions."

He said that under the new financial regulatory framework, China is already dealing with the already surfacing financial risks in financial and quasi-financial institutions to maintain health of the financial system.