Chinese banks should make financial innovations that can meet the needs of the country's real economy, the country's banking regulator said Monday.

The China Banking Regulatory Commission (CBRC) said in a statement posted on its website that financial institutions should put financial resources in the fields needed most by the real economy and with the highest efficiency and sustainability.

"The commission must identify the true incentives and the essence of banks' financial innovations in a timely manner," CBRC Chairman Shang Fulin said during the most recent meeting on financial innovation.

The CBRC will encourage and protect banks' scientific innovations and strictly penalize banks' moves that violate relevant regulations, Shang said.

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