BEIJING -- China Banking Regulatory Commission (CBRC) on Monday vowed to further detect and mitigate financial risks in key areas in 2016.

The CBRC said in an online statement that it will try to contain debt risks of financing vehicles and properly deal with credit risks concerning cash-strapped housing developers.

The commission will work to prevent a chain reaction following debt defaults and guard against the amplification of financial risks.

The CBRC will ask banks to improve their ability to cope with non-performing assets in a market-based, diverse and comprehensive way. "It is a bottom line to ward off financial risks," said the CBRC statement.