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China should stem systemic financial risks by applying comprehensive supervision of commercial banks, including stricter standards of information disclosure, the People's Bank of China said in a working paper released on Monday.

The recent increase in bond defaults and the failure of Baoshang Bank indicated problems of illegal use of funds and more risk taking, and the lack of proper disclosure may be to blame, according to the document.

Regulators should improve Macro Prudential Assessment of banks and apply stricter regulations of the inter-bank market, including identifying lenders' debts and assets, the PBOC said.

Regulators should also provide incentives for information disclosure when conducting MPA, and add asset transparency indicators, according to the document.

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