China will push for capital account convertibility during the 12th Five-Year Plan (2011-2015) under the conditions where risks remain controllable, China's foreign exchange regulator said Tuesday.

China will gradually make the Chinese currency convertible under capital account and make its convertibility measures in line with the needs of China's economic development, the State Administration of Foreign Exchange said in a statement on its website.

Also, China will continue to improve the management of capital inflows and expand channels of capital outflows, the statement said.

While lifting capital account controls, the government will also step up monitoring of cross-border funds to maintain the country's economic stability.