Study On The Legal Issues Of The Allocation Of Local Financial Supervision Power

The financial industry is at the core of China’s modern economic system.In recent years,the reform of the supervision system for local financial industry has been deepening,and a centralized two-tier supervision model has been gradually formed.In the vertical supervision model,the central level "one line and two meetings" of financial supervision institutions,established the central government’s absolute right to speak;At the local level,the power of the government and financial regulatory institutions comes from the authorization or entrusting of the regulations and normative documents of central government departments,so they have less right of speech.The rational allocation of local financial supervision power and the construction of a perfect functional system of local financial supervision institutions can not only reduce the pressure of central unified supervision,but also improve the effectiveness of supervision.At the same time,it can strengthen the supervision of local emerging business forms,improve the level of serving the local economy,reduce the occurrence of regional financial risks,and ensure the stability of the financial market.In spite of the continuous improvement of financial regulatory legislation in various regions,the level of power allocation has gradually improved.However,the power sources of local governments and their regulatory agencies are still not clear,the boundaries of power allocation between central and local regulatory authorities are fuzzy,the coordination mechanism between various regulatory authorities is not perfect,and the conflicts between local economic development goals and financial regulatory responsibilities still exist.Finally,it leads to constant frictions among regulators and low efficiency of management,which affects the stability of financial order.Therefore,to perfect the power allocation system of local financial supervision,we should always follow the principle of unity of power and responsibility,so as to achieve the purpose of coordinating and orderly the power system of central and local financial supervision and maintain fair competition in the financial market.At the same time,national financial supervision laws should be formulated to make up the loopholes of illegal sources of local financial supervision power.By improving regulatory standards and legal systems,the limits of central and local financial regulatory powers are clarified,and the responsibility of the supervisory body is consolidated.According to the characteristics of regional financial development,formulate local financial regulatory norms,clarify the scope of regulatory objects,and achieve key regulatory purposes;Defining the responsibilities of financial development and financial supervision of local financial supervision institutions,and making better use of supervision methods to promote local economic development;Based on fintech means,we will innovate financial supervision methods,build data and information sharing platforms,break down communication barriers among regulatory authorities,promote coordination between central and local regulatory authorities and local regulatory authorities,and achieve synergy in supervision.Ultimately,we will improve the risk prevention capability of local financial regulators,promote the healthy and stable development of local financial markets,and protect the legitimate rights and interests of financial participants.