BEIJING - Rapid development of the capital market is creating opportunities for China to establish world-class investment banks with Chinese characteristics and cultural elements, according to the country's top securities regulator.

Official data shows that the country's securities industry had been steadily progressing with capital and total assets more than doubling in the past five years.

"The figures indicate the industry has played a more important role in raising capital, optimizing resource allocation and serving the real economy and investors," said Liu Shiyu, head of the China Securities Regulatory Commission, at a securities conference this weekend.

Liu noted the securities industry should focus on its main business, actively participate in the implementation of the Belt and Road Initiative, highlight innovation and guard against risks in the pursuit of world-class investment banks.