(Yicai Global) June 20 -- China's financial system is structurally imbalanced, Huang Hong, vice chairman of the China Insurance Regulatory Commission, said at the 2017 Lujiazui Forum held today in Shanghai.

Some 90 percent of financial assets are concentrated in banks while just 6 percent are in insurance companies, lower than in developed nations, he said.

"There are 118 financial institutions in the Fortune Global 500, which includes 54 banks and 51 insurers," Huang added. "However, only 10 Chinese lenders and five Chinese insurers make the list."

Premiums in China surpassed CNY2 trillion (USD293 billion) in the first five months of this year, up 26 percent from last year, the official said, adding that the nation's insurance industry has adequate cash flow and controllable risk, but should continue its reforms to tackle difficult issues and guard against risk.

The CIRC will crack down on insurance companies recording false capital injections and fully coordinate its resources to shift toward inspections while prioritizing risk prevention, he added.