BEIJING -- China's central bank on Tuesday stressed efforts to curb asset bubbles as it recognized the increasingly challenging task to seek a balance between stabilizing growth and preventing froth.

In its latest policy report, the People's Bank of China highlighted the mission to control asset bubbles to guard against financial risks, while ensuring adequate liquidity to create conditions for advancing structural reforms.

China will stick to prudent monetary policy, with an appropriate degree of flexibility and timely pre-emptive adjustments, the central bank pledged.

More emphasis will be given to reforms and innovation to allow the market to play a decisive role in resource allocation, the report noted, calling for more efforts to guide the money flow to the real economy.

While acknowledging the positive changes in China's growth, the report pointed out that the economy still relied relatively heavily on the property industry and infrastructure investment, and weak private investment has constrained growth.

China's economy grew 6.7 percent in the third quarter of 2016, holding steady with Q1 and Q2 and boosting sentiment that this year's annual GDP target of 6.5 percent to 7 percent is achievable.