Financial statistical system needs overhaul: official

A senior central bank official of China pledged on Monday to overhaul the financial statistical analysis system to better suit the changing economic environment.

Pan Gongsheng, a deputy governor of the People's Bank of China, said the current financial statistics of China can barely meet the development needs because the economy is faced with new challenges.

"This requires us to innovate the statistics concept and explore new methods of statistical analysis to establish a highly efficient financial statistical analysis system as quickly as possible," Pan said.

He said as financial institutions and products develop, and monetary regulation becomes more market-oriented, the necessity of evaluating market players' behavior is highlighted to better implement monetary policies and realize prudent management.

Pan said this year PBOC will further standardize financial statistics, strengthen statistics over the total social financing, and improve data quality and research.