Problems And Optimization Suggestions Of County Financial Supervision And Coordination Mechanism

Finance is the embodiment of a country’s core competitiveness,and financial security is an important part of national security.The smooth operation of the financial system is the basis for smooth economic development,which is inseparable from a sound financial regulatory system,including a complete financial regulator and an effective financial regulatory coordination mechanism between regulators.In 2017,the establishment of the Financial Stability Development Committee of the State Council and the merger of the CBRC and the CIRC marked the formation of China’s "one committee,one bank,two commissions and one bureau" financial regulatory pattern.In 2020,the local coordination mechanism of the FSC office has been established in various provincial administrative regions across the country,with the main comrade in charge of the provincial branches of the People’s Bank of China as the convener,whose function is to promote the implementation of Central Committee of the Communist Party of China,the State Council and the FSC’s deployment,and strengthen financial supervision and coordination while promoting regional financial reform,development and stability.The coordination mechanism plays a role at the provincial level,but there is no such institutional arrangement at or below the municipal level.In county practice,financial regulatory coordination mechanisms are usually led by local governments and are temporary,lacking guidance from higher-level regulators.County level finance is subject to dual supervision by the central and local governments,with asymmetric information,resulting in issues such as duplicate supervision or regulatory vacuum.Therefore,there is an urgent need to improve the financial regulatory coordination mechanism at the county level.This paper introduces the background theories related to financial regulation using public management-related theories,sorts out the history of financial regulation in China,explains the concept of financial regulatory coordination mechanism;introduces the subjects and objects of financial regulation in County T,the functions and division of labor of each regulatory subject,and the construction and current situation of financial supervision and coordination mechanism in T County.Using literature analysis,comparative analysis,and other methods,based on reading and researching a large number of relevant literature on financial regulatory coordination,this study compares the construction of financial regulatory systems and coordination mechanisms in different periods in China,and horizontally compares relevant situations in foreign countries.Taking the practical situation of financial supervision in T County as an example,this paper analyzes the problems existing in the coordination mechanism of county financial supervision,including the unclear boundaries of powers and responsibilities of central and local financial regulatory departments,the overall regulatory system is relatively weak and lacking of professional regulatory talents,the existence of duplicate regulation or regulatory vacuum,and the limited functioning of county-level dispatched agencies of central regulatory agencies,and analyzes the reasons for the problems.Finally,suggestions are made to improve the coordination mechanism of county financial supervision by accelerating the legislative process of financial supervision,improving the structure of county-level financial supervision coordination mechanism,establishing an information sharing mechanism,and enhancing the professional capabilities of financial supervision department personnel.