Chinese Vice Premier Liu He on Thursday called for proactive efforts to promote economic and financial stability.

Liu made the remarks at a teleconference held by the State Council's financial stability and development committee. He is also head of the committee.

Financial institutions should strive to defuse financial risks while serving the real economy, with enhanced credit support for small and medium-sized enterprises and private firms in particular.

Local governments are urged to improve financial regulations with effective crackdowns on illegal financial activities.

Financial regulators should step up counter-cyclical adjustments and deepen financial reform and opening-up, according to Liu.