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China's banking regulator on Wednesday issued a notice vowing to address regulatory loopholes and urging the country's lenders to effectively control risks.

China will further financial reforms and opening-up measures to better serve the real economy and prevent financial risks, according to a meeting of the Financial Stability and Development Committee under the State Council, the country's Cabinet-level financial regulatory body.

China's GDP grew by 4.9 percent year-on-year in the third quarter of this year, compared with a 1.6 percent contraction in the first half. Growth in industrial production resumed to the pre-COVID-19 level in October, with exports notching up double-digit growth from a year earlier.

China will take further steps to control the new coronavirus-related pneumonia, and the disease will be put under management as an infectious disease in accordance with law, said the State Council's executive meeting chaired by Premier Li Keqiang on Monday.

China will not forget the support from Italy when the country was at its hardest moment in the fight against the virus, Wang said, adding that China is now willing to stand firmly with the Italian people as well.