Branches of the National Financial Regulatory Administration across China jointly unveiled their nameplates on Thursday, which the NFRA said marks a milestone of China's reforms of the financial regulatory system.

The branches are composed of 31 provincial-level bureaus, five municipal bureaus in?cities specifically designated in the state economic and social development plan, including Dalian in Liaoning province and Qingdao in Shandong province, and agencies in 306 prefecture-level cities.

The NFRA was officially unveiled on May 18 as a new top financial regulatory agency based on the former China Banking and Insurance Regulatory Commission, functioning directly under the State Council.

It is in charge of regulating the entire financial industry except the securities sector and is designed to take over certain functions of the People's Bank of China, the country's central bank, and the China Securities Regulatory Commission.