China's central bank governor vowed on Tuesday to accelerate financial reform by focusing on improving direct financing and speed up the development of the bond market.

"We should steadily expand the scale of the bond market, promote the innovation and diversification of financial products and enhance asset securitization pilot programs," Zhou Xiaochuan said at a forum in Beijing.

President Hu Jintao, in his report for the 18th National Congress of the Communist Party of China, spoke of the need to "accelerate the development of a multi-level capital market".

It means that growth of the main board, the small and medium enterprises board and ChiNext should be balanced, with a deepened market-oriented reform in the initial public offering issuing system, according to the governor.

He vowed to reduce the administrative examination and approval procedures and satisfy the variety of financing needs for SMEs. That will be one of the most important elements of financial sector reform in the coming years, analysts said.

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