China's regulators should be vigilant for financial risks and continue to push deleveraging to ensure healthy and steady economic growth, members of the country's top political advisory body said on Monday.

Yang Kaisheng, a member of the National Committee of the Chinese People's Political Consultative Conference, said regulators should strengthen supervision of investment products and trading activities that exist in the regulatory void.

Yang, former president of Industrial and Commercial Bank of China, said the risks in China's financial industry are under control, but regulators should increase the penetration of regulation.