BEIJING (May 18): China's new financial regulator will have oversight of all types of financial activities and will strive to eliminate regulatory gaps and blind spots, state media quoted its head as saying on Thursday (May 18).

"We will do our utmost to tackle three major tasks — serving the real economy, managing financial risks and deepening financial reform," Li Yunze, party secretary of the National Financial Regulatory Administration (NFRA), said at the body's inauguration ceremony according to the Securities Times.

Li added that the NFRA would be resolute in its duty to avoid systemic risks.

The NFRA is a new government body under the State Council tasked with consolidating supervision over China's multi-trillion dollar financial industry.

It will replace the China Banking and Insurance Regulatory Commission and absorb some supervisory functions from the central bank and the securities regulator.