Beijing, Nov 15 (IANS): China will modernise its financial market system in the next five years, said a senior official of the central bank.

More financial business will be carried out to make the market more elastic, Xinhua quoted Bank of China deputy head Pan Gongsheng as saying on Saturday.

Internet financing, venture investment funds, industrial investment funds, private equity investment funds and asset management will be guided for healthy development.

The country will continue to boost the liberalisation of the exchange and interest rates and optimise resource distribution, Pan said.

A multi-layer market will be established, both for over-the-counter transactions and stock exchanges, to explore more financing channels and enhance direct financing, he said.

Foreign exchange, bills, gold and insurance markets will be coordinated to satisfy different investment needs.

Meanwhile, management of financial markets will become more prudent to lower risks, Pan added.