National Financial Regulatory Administration officially unveiled in Beijing

(ECNS) -- China’s National Financial Regulatory Administration (NFRA) was officially established in Beijing on Thursday, marking an important step for China’s financial supervision reform.

The new regulator has taken the place of the previous China Banking and Insurance Regulatory Commission.

Directly under the State Council of China, the NFRA is in charge of regulating the financial industry except the securities sector.

The new financial regulatory system will fill regulatory gaps and try its best to prevent any systemic risk from harming the Chinese economy, experts said.