International Financial Regulatory Reform And Its Enlightenment To China

The financial crisis was started in2008from the United States and has affected the whole world. It has not only hit the financial industry but also challenged the stability of the economy. All the countries think about how to cope with the crisis, how to change the crisis into opportunities and how to be the champion in the crisis. Countries have put forward the reform of financial supervision and strengthen the supervision ability. Some international economic organizations play their own positive role in the growth of the economy such as the Basel Committee, the G20and so on. After the economic liberalization regulation mode, the financial regulation is back to the government supervision track.The mode of China’s financial supervision is under the guidance of the People’s Bank of China, CBRC,CSRC,CIRC perform regulatory functions separately. After the economic globalization and financial internationalization, our country’s financial supervision system needs to be remodeled urgently. We should create a financial supervision which can reduce risk and improve the international competitiveness at the same time.This paper analyses the financial regulatory reforms of the western developed countries and international financial organization. And combined with China’s economy, this paper put forward some suggestion. The main part of this article can be divided into four parts.The first part mainly analyzes the international financial regulatory reform which happened in the United States, Europe, the UK and some international financial organizations after the financial crisis. Developed countries put forward to build macro prudential regulatory framework and guard against systemic risk. They also enact regulation on consumers and investors protection. International financial organizations made strict financial regulatory to forbidden the risk of fluctuations in the international.The second part summarizes the overall trend of the reform of international financial supervision. International financial supervision should establish macro prudential regulatory framework, improve the regulatory enforcement, strengthen the investor protection gradually. The regulatory patterns should be changed from single body type supervision to functional supervision. At the same time strengthen international cooperation in financial regulation and encourage every country to participate in the new formulation of international financial order.The third part analyzes our country’s problem in the financial regulation at present. Financial supervision and management should adapt to the mode of supervision, gradually. Our country should change the divided supervision mode and improve our regulatory effectiveness in the mixed operation.The fourth part gives some proposals to the reform of China’s financial regulatory. These suggestions such as establishing macro prudential regulatory framework, improve the supervision of the executive power, strengthen the liquidity risk supervision to prevent the system risk. Also this article suggests to improve the financial regulatory laws or regulations construction and encourages the country to participate in the international economic and financial construction. Our country should introduce deposit insurance system timely.