China’s central bank said on Wednesday it will continue to fend off systemic financial risks even though it has achieved initial results in financial deleveraging.

FILE PHOTO: A woman walks past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China June 21, 2013. Photo: REUTERS/Jason Lee/File Photo

Debt levels in the economy remain relatively high, especially among state-owned firms, the central bank said in its fourth-quarter monetary policy implementation report.

The People’s Bank of China said it would also strike a balance between stabilizing growth, deleveraging and controlling risks.