China will keep opening up its financial sector while controlling risks, the country's banking and insurance regulator said.

The country has introduced 34 opening-up policies in banking and insurance sectors in the past two years, including expanding foreign-invested firms' business scope and easing market access, the China Banking and Insurance Regulatory Commission said Friday in a statement.

By the end of October, foreign-funded banks had established 41 legal-person banks, 114 branches and 976 operating institutions on the Chinese mainland, with their aggregate assets at 3.37 trillion yuan (about 480 billion U.S. dollars). Foreign insurers' total assets stood at 1.28 trillion yuan at the end of October.

Efforts will be made to improve the supporting legal framework to ensure policy implementation, cut negative lists that outline fields off-limits to foreign players, help address their concerns and enhance cross-border regulatory cooperation, the statement said.