The People's Bank of China (PBOC), the country's central bank, reiterated the importance of the financial sector in serving the real economy on Friday.

At an insider PBOC meeting presided over by central bank governor Yi Gang, participants of the conference agreed that, currently, the monetary and credit policy is maintaining stable growth, with easing financing conditions for small and micro-sized businesses.

In the first 10 months, new yuan loans increased by 2.02 trillion yuan (292.8 billion U.S. dollars) from the same period a year ago. In the same period, growth was registered for the incremental value and growth rate of credit to small and micro-sized businesses, according to a statement posted on the PBOC website.

While China is undergoing a critical moment in transforming its development model and improving its economic structure, the financial sector, as the core of the modern economic system, will play an important role in supporting stable and healthy economic development in the long-term, according to the statement.

During the meeting, Yi asked relevant departments to properly implement the monetary and credit policy in a precise manner.