BEIJING - China has tackled major financial risks with all-out efforts and a deft hand in the past year, as existing hazards have been gradually dissolved and a more mature system put in place to forestall potential dangers.

China's financial risks gradually abated after a few years of fast accumulation, as the country deals with exposed risks and improves the financial regulation system to steer clear of systemic risks, said a report on China's financial stability in 2019 by the People's Bank of China (PBOC), the central bank.

Among the most notable achievements, the leverage ratio was stabilized, the country's shadow banking assets at the end of June shrank to the lowest level since the end of 2016, and the legitimate interests of clients were protected during the takeover of Inner Mongolia-based Baoshang Bank to contain its credit risk.

Financial institutions are building up risk resistance, with commercial banks' provision coverage ratio, a measure of funds set aside to cover bad loans, at 187.63 percent by the end of the third quarter and the solvency adequacy ratio of China's insurance firms remaining within the reasonable range by late last year.

Noting that China's financial system is generally healthy and capable of defusing various risks, the annual Central Economic Work Conference urged continued efforts to keep the leverage ratio stable in 2020.

In the homestretch to winning the battle against financial risks by 2020, the country is prepared to effectively forestall risks and in the meantime improve the financial system for stronger resilience.