The Study On The Present Situation And Development Of Financial Supervision System In China

Finance is an important core competitiveness of a country,and financial supervision is a necessary guarantee for the healthy development of a country's financial system,especially in the international context of financial globalization and financial liberalization.The trend of mixed operation and the appearance of financial innovation have brought to light the defects of the supervision pattern of "one bank and three committees" which had been carried out in China for about 15 years.In recent years,financial regulatory reform has been one of the important topics of the Financial Conference.In November 2017,the Financial Stability and Development Commission of the State Council was formally established with the approval of the Party Central Committee and the State Council in order to strengthen supervision coordination.In March 2018,China Banking Regulatory Commission and China Insurance Regulatory Commission formally merged into China Banking and Insurance Regulatory Commission.The supervision pattern of "one bank and three committees" withdrew from the historical stage,and China formally entered the era of "one commission and one bank and two committees" supervision mode.The financial risk cannot be completely eliminated,and the adjustment and perfection of the financial supervision mode has been going on.At present,the new supervision mode of our country makes up for the deficiency of the traditional separate supervision to a certain extent,and makes some progress in avoiding the supervision duplication and the supervision vacuum,and is more perfect for the supervision mechanism of the cross-operation business between the banking and the insurance industry.However,there are still many challenges,such as imperfect behavior regulation,imperfect coordination mechanism and poor environment of financial supervision.The future development of financial supervision mode in China is still attracting much attention.At present,"twin peaks" supervision is an internationally recognized regulatory model,and the new regulatory framework of our country also shows the trend of “twin peaks” supervision,but how to divide the specific “twin peaks “has not been clearly stated.In the light of the national conditions of our country and referring to the experiences of Australia,Britain and other countries adopting the " twin peaks " supervision model,this paper puts forward that the future development of the supervision model in China can be the " twin peaks " supervision model and the “twin peaks” will be the Financial Stability and Development Committee of the State Council and the People's Bank of China.The position of the central bank in financial supervision is irreplaceable,and it is bound to become a "peak" of the "twin peaks",which can strengthen macro-prudential functions.The "two committees” can be merged to the Financial Stability and Development Committee,and then through integrating and dividing specific functions within the boar,unify the supervision of businesses of the same nature and separate regulation of businesses with obvious industry characteristics.Reduces regulatory duplication and gaps and unifies regulatory standards.Pay attention to strengthening behavior regulation and overall hierarchical regulatory coordination.At the same time,it is also necessary to establish sustainable economic and financial development mechanisms and continue to implement sound and sustainable macro-monetary policies in order to create favorable regulatory conditions for the new regulatory model and improve regulatory effectiveness.Adhere to the principle of financial development serving the real economy and avoid asset bubbles.It is necessary to grasp the pace and intensity of opening up in the aspect of financial opening,so as to match the level of financial opening with the ability of supervision.In the aspect of financial innovation,it is necessary to establish a dynamic balance between financial innovation and risk supervision to prevent the accumulation of risks.There is no absolutely perfect mode of financial supervision,the development of financial supervision must adapt to the national conditions.Only through constant adjustment and improvement can we promote the healthy development of financial system on the basis of stable operation of economy.