Study On Legal System Of Financial Innovation Of China(Shanghai)Pilot Free Trade Zone

First of all,the legal system of financial innovation in the China(Shanghai)Pilot Free Trade Zone(hereinafter referred to as Shanghai Pilot Free Trade Zone)is outlined,and relevant definitions are made for the legal system of financial innovation in free trade zones,financial innovation and free trade pilot zones.At the same time,the establishment background and development history of Shanghai Pilot Free Trade Zone were introduced.Secondly,start with introducing the status quo of the legal status of financial innovation in Shanghai Pilot Free Trade Zone.The Financial Innovation Law of the Pilot Free Trade Zone in Shanghai,under the guidance of the“Overall Plan for the China(Shanghai)Pilot Free Trade Zone"(hereinafter referred to as the“Overall Plan"),formulates specific normative documents for the financial innovation business and explores innovations in the financial regulatory system.Then analyze the problems existing in the financial innovation laws of Shanghai Pilot Free Trade Zone.The first is the legislative turmoil.Lack of national-level legislative guidance,the flaws in the financial innovation legislation of Shanghai Pilot Free Trade Zone.Second,the financial supervision system is not perfect.The imbalance of freedom and supervision,the absence of macro-prudential supervision,the roughness of micro-prudential supervision,and the special regulatory market in the pilot region of free trade have contributed to the financial crisis.Third,the financial dispute resolution mechanism is weak.There are many shortcomings in the financial trial,the lack of other dispute resolution mechanisms,and the disconnection from the international rules can’t effectively deal with financial disputes with strong professionalism and large numbers.Finally,the suggestions for building and perfecting the legal system of financial innovation in Shanghai Pilot Free Trade Zone are proposed.First,improve the legislative process.The formulation of a national-level free trade trial zone unified law removes the flaws in the inherent systemic obstacles of the superior law,making it possible for the financial innovation in the Shanghai Pilot Free Trade Zone to be carried out in an orderly manner under its macro-guidance.Actively strive for central legislative support and strengthen the formulation of specific financial innovation business rules,such as financial leasing business and commercial factoring business.Second,improve the financial supervision system.We can learn from the experience of overseas financial supervision and build a unified macro-prudential supervision system.Under the unified framework of macro-prudential supervision,an independent financial regulatory agency in the Pilot Free Trade Zone will be established.At the same time,it will deepen the rules of micro-prudential supervision,increase the protection of financial consumers,deepen the supervision of Internet financial innovation,and strictly prevent and crack down on financial crimes.Third,establish a diversified financial dispute resolution mechanism.Establish a diversified financial dispute resolution mechanism to improve the efficiency of financial dispute resolution.We will improve the financial adjudication system,develop non-litigation resolution systems for financial disputes,and strive to build a three-dimensional and diversified financial dispute resolution mechanism in the Shanghai Pilot Free Trade Zone so as to effectively cope with the cost and efficiency of financial dispute resolution.