China's central bank said on Wednesday that it will continue to implement a targeted approach in monetary policy in the second half of 2014 and shore up weak links in the economy.

More financial support will be provided to rural areas and small businesses to reduce their financing costs, according to a statement on the website of the People's Bank of China.

It said it will accelerate work to establish a deposit insurance scheme in the coming months.

The statement came after a meeting between the central bank governor and heads of the bank's branches across the country to review monetary policy in the first half and map out policies for the second.

The central bank also said it will strengthen monitoring of financial risks in key sectors and industries, and handle the risks in a timely manner to prevent regional and systemic risks.