The number of Chinese peer-to-peer (P2P) lenders had fallen to zero by mid-November from a peak of about 5,000, due to the country's ongoing efforts to crack down on risky forms of financing, according to an official with the country's top banking regulator.

The risks of shadow banking have continued to fall in recent years, with the scale of shadow banking shrinking by 20 trillion yuan (about 3.04 trillion U.S. dollars) from its historical peak, said Liu Fushou, a lawyer with the China Banking and Insurance Regulatory Commission.

Liu called for efforts to resolutely prevent and fend off systemic financial risks, and make the financial sector better serve the real economy.

Shadow banking refers to activities performed by financial firms outside the formal banking sector, and therefore subject to lower levels of regulatory oversight and higher risks.

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