BEIJING - Chinese lenders must strengthen their risk control and improve services for businesses, Guo Shuqing, chairman of China Banking Regulatory Commission, said Friday.

Chinese lenders must pay particular attention to credit and liquidity risk, with priority given to improving their main business, Guo said at an industry seminar gathering top commercial bank executives.

"Earnest efforts must be given to reducing overcapacity, and effective measures should be taken to lower business financing costs," he said.

More support will be given to business participation in Belt and Road Initiative projects and outward investment, he added.

The Belt and Road Initiative was proposed by China in 2013 as a trade and infrastructure network connecting Asia with Europe and Africa and beyond, along the ancient trade routes.