China's National Financial Regulatory Administration (NFRA) was inaugurated on Thursday in Beijing, taking the place of the China Banking and Insurance Regulatory Commission after five years in operation, an important step for China's new round of institutional reform in the field of financial supervision.

Vice-Premier He Lifeng, central bank governor Yi Gang, China Securities Regulatory Commission Chairman Yi Huiman, and the Party chief of the new financial regulator, Li Yunze, attended the opening ceremony.

The official website of the administration was also launched.

The formation of the NFRA and the optimization and adjustment of the institutional responsibilities in the field of financial supervision are of great importance for strengthening and improving modern financial supervision system, as well as addressing the long-standing contradictions and problems in the financial field, the Xinhua News Agency reported.

Li Yunze said at the ceremony that the government will comprehensively strengthen financial organizations' institutional supervision, behavioral supervision and functional supervision, providing strong support and strong guarantee for building a new development pattern and promoting the country's high-quality development.

The NFRA will make every effort to fully implement the "Three major tasks" -- serving the real economy, controlling financial risks and deepening financial reform, Li said at the ceremony.

In accordance with the law, the NFRA will bring all types of financial activities under supervision and strive to eliminate regulatory gaps and blind spots, actively creating a good financial legal environment and safeguarding the legitimate rights and interests of the people, in a bid to ensure the country's financial security, Li noted.

Directly under the State Council, the cabinet, the NFRA is in charge of regulating the financial industry except the securities sector. It is established on the basis of the previous China Banking and Insurance Regulatory Commission, and certain functions of the People's Bank of China and the China Securities Regulatory Commission have been transferred to the new administration, according to Xinhua.

Experts noted that the new financial regulatory system will fill regulatory gaps and move towards comprehensive financial supervision and do its utmost to prevent any systemic risk from happening and harming Chinese economy.