China's newly founded banking supervisory authority made its debut Thursday and publicized its objectives for regulation and supervision at a press conference.

The establishment of the China Banking Regulatory Commission ( CBRC) will be important for the safety, soundness and efficient functioning of the financial system in China, said CBRC at the press conference.

The objectives of CBRC is defined to protect the interests of depositors and consumers by prudential and effective supervision, and accordingly help increase the confidence among the public for the market.

The tasks include: an overall assessment of the risk profile of all deposit-taking institutions; a comprehensive on-site review of the supervisory loan classification system and areas for potential improvement; to promote the comprehensive reform of the state- owned banks and undertake a trial project for restructuring rural credit cooperatives; the revision of banking rules and regulations in line with the legally defined regulatory and supervisory responsibilities; and the stress on development, while exploring creative thinking and new approaches to addressing the problems at hand in the interest of further reform and opening up to the outside world.

CBRC should also promote the public understanding of modern finance by way of education, and try to reduce the financial crimes and keep the stability of the financial market.