BEIJING -- The deputy chief of China's securities watchdog said the country's capital market and fund industry are still in an important period of strategic opportunity despite challenges faced by the broader economy.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, made the remarks at a meeting of the Asset Management Association of China.

The fund industry should seize opportunities, focus on high-quality development, and better serve the real economy, he said.

Last month, China stressed the role of capital at a key meeting. Efforts will be made to regulate and guide the healthy development of capital per the law and give play to the positive role of capital as a significant production factor.