BEIJING, Dec. 16 (Xinhua) -- China will push forward fiscal, taxation and financial reform in a steady and proper manner, said a statement released Friday after the Central Economic Work Conference.

Revenue will be distributed between central and local governments in accordance with the clarified division of administrative responsibilities, and the formulation of the system will be quickened, according to the statement.

China will reform its financial supervision and regulation mechanism in an active, steady and proper way and work to establish a multi-layer capital market.

The government vowed to improve the governance of state-owned commercial banks and push for the development of private banks in an orderly manner.

China will also reform its old-age insurance system, according to the conference.