Zhou Xiaochuan, head of the People's Bank of China, says financial services in the China (Shanghai) Pilot Free Trade Zone need to support development of the real economy.

Financial institutions must also facilitate investment and trade activities within the zone, he said.

He made the remarks during a visit to the zone on Wednesday to study and research ways to enhance its financial services.

He said financial markets should open up further to allow "thorough competition" and fairness.

The bank's Shanghai head office will announce details of financial reforms and innovation in the zone, Zhou added.