BEIJING -- China will improve financial support for the modernization of the agricultural industry, according to a statement released on Friday by the China Banking Regulatory Commission (CBRC).

The banking regulator called for deepening of equity reforms on small and medium-sized rural financial institutions, and further encouraged rural credit cooperatives to become rural commercial banks.

Policy lenders such as the China Development Bank and the Agricultural Development Bank should step up credit support for rural infrastructure development and help with poverty relief.

To ensure sufficient competition in rural financing and lift service standards, more market entities, including those started through private capital, will be allowed to enter the rural financial industry.

Banking financial institutions should improve their services, especially in fields such as agricultural products processing and rural tourism, as those areas are in line with the country's aim to transform agricultural development patterns, according to the statement.

Financial support for the poor was given special attention, as the CBRC required policy banks as well as commercial banks to set aside specific mechanisms aimed at financing for poor people.