BEIJING, May 18 (TMTPost) — China's new national financial regulator the National Administration of Financial Regulation (NAFR) held its opening ceremony on Thursday, ending the operations of the China Banking and Insurance Regulatory Commission (CBIRC).

Li Yunze, Secretary of the Party Committee of the NAFR, presided over the opening ceremony held at the south gate of Financial Street in Beijing, which was attended by He Lifeng, Member of the Political Bureau of the Central Committee and Vice Premier of the State Council, Ding Xuedong, Executive Deputy Secretary-General of the State Council, Wang Jiang, Deputy Director of the Central Financial Office in charge of daily work, Yi Gang, Governor of the People's Bank of China, Guo Shuqing, Secretary of the Party Committee of the People's Bank of China, Yi Huiman, Secretary of the Party Committee and Chairman of the Securities Regulatory Commission, and Pan Gongsheng, Director of the State Administration of Foreign Exchange.

In his speech after the inauguration ceremony, Li pointed out that it is necessary to boost efficiency and mitigate risks in the financial sector, continuously improve the regulatory system and regulatory rules with Chinese characteristics, comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, and continuous supervision to provide strong support for promoting high-quality development.

Cao Yu, Zhou Liang, Xiao Yuanqi, Jung, former Vice Chairmen of CBIRC, and Wang Lujin, former head of the disciplinary inspection team of CBIRC, attended the inauguration ceremony.

Officials at and above the deputy bureau chief-level of the NAFR had been notified to get a nucleic acid test on Wednesday. The relevant leaders of the NAFR had a rehearsal at 7:00 p.m. The WeChat official account "China Banking and Insurance Regulatory Commission" was renamed "the National Administration of Financial Regulation" at nearly 9:00 p.m. on Wednesday.

At a meeting of major officials held by the NAFR last Wednesday afternoon, the Central Organization Department announced the decision that Li Yunze was elected as Secretary of the Party Committee of the NAFR.

According to an institutional reform plan adopted at the Second Plenary Session of the 20th CPC Central Committee, the NAFR would be established based on the CBIRC, which is  responsible for the supervision of the financial industry except for the securities industry, with some of the functions of the People's Bank of China and the CSRC

Chinese President Xi Jinping pointed out at a democratic consultation meeting held in Zhongnanhai on February 28 that this reform of the Party and State institutions tilts towards key industries and fields and focuses on solving some difficult issues of great importance and social concern, and will have an impact on economic and social development.

 The 52-year-old Li Yunze is the first official born in the 1970s to be promoted to the full ministerial level. He was a member of the Standing Committee of the Sichuan Provincial Party Committee, Vice Governor of the People's Government of Sichuan Province, Deputy Secretary of the Party Leading Group of the People's Government of Sichuan Province, and an alternate member of the 20th Central Committee.