The bank levy is not the only effective way to reduce the risks of financial institutions and prevent a financial crisis, said a Chinese official Saturday in Toronto.

Zheng Xiaosong, director general of the international department of the Chinese Ministry of Finance, made the above remarks at a press conference.

He said that all countries need to go back and look at their own national circumstance before taking any decision.

“I don’t think it is appropriate for us to have one size fits all bank levy which will be implemented to the wrong world,”said the official.

"However, about whether to introduce the levy or how to introduce it, I think this is the decision left to individual countries for themselves to make,” said Zheng.