China plans to set up first-class investment banks

China's securities regulator said on Friday that China will build first-class investment banks by backing securities firms to replenish capital in different ways and undertake mergers and acquisitions.

China Securities Regulatory Commission also said it is studying regulations to make securities companies with strong capabilities operate businesses more flexibly.

"Benefiting from the Belt and Road Initiative, we will support Chinese securities companies to have cross-border mergers and acquisitions and overseas financing for improving their global competitiveness," said the statement of the commission.

China Securities Regulatory Commission said it is also developing long-term institutional investors and deleveraging the asset management sector.

By the end of July, there were 129 Chinese securities companies and their assets totaled 5.97 trillion yuan ($895.8 billion), a 247 percent increase compared with that in 2012.