The Responsibility Of Local Government In Financial Regulation

The local government responsibility in financial supervision refers to a series of responsibilities that the local financial authorities of local governments should undertake to supervise and manage financial transaction entities and their operations in accordance with national laws and regulations under the concept of a responsible government.Emphasizing the necessity of local government responsibility in financial supervision is mainly based on market failure theory and the consistent theory of power and responsibility.Local government responsibility is different from central government responsibility and market responsibility,and has its own independent value and boundary.Local governments have full theoretical and practical foundations for taking responsibility in financial supervision.However,specific responsibilities have not been fully reflected in reality.Local governments still have certain difficulties in fulfilling their responsibilities in financial supervision: legal concepts are backward;financial supervision laws;the system is incomplete;local government financial supervision fails to enforce laws;and supervision of local government responsibilities is weak.The responsibilities of local governments in financial supervision should be improved from the four aspects of concept,legislation,law enforcement,and legal supervision.First of all,to change the relevant legal concepts,it is necessary to strengthen the government's concept of responsibility,increase local government's emphasis on local financial supervision responsibilities,and also enhance citizens' knowledge and financial literacy,and enhance financial participants' legal awareness.Second,we should improve the legal system of financial supervision from the perspective of legislation,promote the basic legislation of financial supervision,and improve the supporting laws and regulations for financial supervision.Third,improve the local financial supervision and law enforcement system,innovate the local financial supervision model,improve the local government financial supervision supporting mechanism,and strengthen the local government's financial supervision capabilities.Finally,at the level of supervision,attention should be paid to the combination of internal supervision and external supervision of local government responsibility.