BEIJING, July 20 -- China on Thursday inaugurated a raft of National Financial Regulatory Administration branches.

A total of 31 provincial regulatory bureaus, five municipal bureaus with independent planning statuses, and 306 municipal regulatory bureaus were unveiled on the same day.

This marked an important step forward in the reform of the country's financial regulatory system.

In March this year, China adopted a plan to reform the institutions of the State Council, including the establishment of the National Financial Regulatory Administration.

On May 18, the National Financial Regulatory Administration was officially established.