The Study Of The Financial Supervision Thought In Modern China

Finance,as one of the core elements of economy and the lifeline of the national economy,plays a critical role in economic development.The progress of financial industry facilitates the growth of economy as a whole.However,the industry also faces high underlying risks.The breakouts of global financial crises have rung the alarm for people and drawn governments' attention to the reform and improvement of financial supervision system.Governments have formulated strict laws and regulations and have taken other measures against the potential financial risks;they have also tightened their supervision on financial sector and financial market for a sound financial order.Finance serves as a key point during China's economic system reform.A well-developed financial supervision system is essential to establish and improve socialist market economy system,to strengthen and promote financial macro control,to safeguard a sound financial order and the interest of the general public,and therefore,to realize the all-round development of socialist market economy.Therefore,we need to make the financial supervision system more scientific and effective through constantly improving the financial supervision system.The historical study is aimed first to recapture the historical social situation,and second to provide some experience and lessons for current social development.A deep study and a systematic review on financial supervision thought in modern China and a research in its development law will save twists and turns for China's financial system reform and provide a brand new perspective and direction for the reform on the new context.With the acceleration of economic globalization,the task of financial reform becomes increasingly pressing,especially in adjusting and improving the financial supervision system.Facing the impact brought by fluctuant global financial market,China's financial industry must be more comprehensive and flexible,while the financial supervision system reform also needs to follow the trend of the world.Therefore,the study on financial supervision thought evolution in modern China will inspire current China to innovate and improve its financial supervision system building,to normalize the financial market order and to optimize the financial market activities.Financial industry study has always drawn much attention of scholars.Among the studies,financial supervision in modern China has been discussed and analyzed from different perspectives and has delivered some academic fruits.Among the existing fruits,literatures based on historical,economic or legal theories are not difficult to find,but specialized studies from the perspective of the history of economic thought are rare to see.Although there are some,more discusses and analyses are needed so as to make it more systemic and comprehensive.Economic history and economic thought supplement each other and cannot be divided: economic history influences economic thought while economic thought reflects economic history.The study tries to find the origin of China's financial supervision thought through the economic facts about the practice and policy evolution of financial supervision in modern China to better understand the financial supervision activities at that time.The thesis is based on a deep study and analysis on the emergence and development of financial supervision thought in modern China.At that time,China's financial theory community carried out heated discussions and debates on some key financial issues from both theoretical and practical perspectives;a large number of significant ideas were proposed,some of which even developed into systematic theories.The ideas and theories mainly covered two dimensions: first,academic fruits on financial supervision theories from academic communities;second,practical experience about the financial supervision systems and policies of the government.Beside the study on evolution of financial supervision thought in modern China,the thesis also emphasizes the periodical characteristics on different stages.It starts from the background and historical reasons for the emergence of financial supervision thought on each stage.Then it discusses and studies in-depth the supervision thoughts(including financial institution supervision thought,financial market supervision thought and financial law supervision thought)in industries like banking industry,insurance industry and securities industry.Next,it goes into the evolution of those thoughts and theories.And at last,it concludes the characteristics of the financial supervision thought on that stage.The full text divides the development of modern China's financial supervision thought into four stages,here are the brief introductions of each stage:The first stage is the emergence of financial supervision thought in late Qing period(1840-1911).It analyzes the historical condition for the financial supervision thought on the stage and introduces the banking supervision thought,the securities supervision thought and the insurance supervision thought at that time.As to the banking supervision thought,it discusses banking supervision legislation,banking supervisor setting,supervision thought in “the Statutes for Banks”,central bank setting and stricter supervision on the issuance of paper money.As to the securities supervision thought,it discusses the normalization of securities issuance and exchange and supervision thought in The Company Regulation.As to the insurance supervision thought,it discusses the beginning of insurance legislation and supervision thought in The Draft for Insurance Industry Statutes.At the end of this chapter are the characteristics of the supervision thought in this period.The second stage is the development of financial supervision thought in the period of Beijing Government(1912-1927).It analyzes the historical background of the development of financial supervision thought and discusses the banking supervision thought,the securities supervision thought and the insurance supervision thought on the stage.As to the banking supervision thought,it discusses the awareness on the importance of banking supervision,the setting of banking supervisor,the thought about bank access and exit,and the making of The Draft for Common Banking Law.As to the securities supervision thought,it discusses the normalization of securities issuance and exchange,the supervision on stock exchanges,and the supervision thought in security supervision laws.As to the insurance supervision thought,it discusses the birth of the insurance legislation thought and the supervision thought reflected by the insurance regulations.At the end of this chapter are the characteristics of the supervision thought in this period.The third stage is the further development of financial supervision thought in the earlier stage of Nanjing National Government(1928-1937).It analyzes the historical condition for the further development of financial supervision thought and the content of the banking supervision thought,the securities supervision thought,the insurance supervision thought and the currency supervision thought.On the banking supervision thought,it discusses the further understanding on the importance of banking supervision,the setting of banking supervisor,the thought about bank access and exit,and the making of The Banking Law(1931).The securities supervision thought discusses the normalization of securities issuance and exchange,the supervision on stock exchange,and the supervision thought in security supervision laws.The insurance supervision thought discusses the making of The Insurance Law in 1929 and that in 1937.As to the currency supervision thought,it discusses both the thoughts put forward by domestic thinkers and those proposed by Chinese overseas students when they were abroad.At the end of this chapter are the characteristics of the supervision thought in this period.The fourth stage is the in-depth development of financial supervision thought in the middle and later stages of Nanjing National Government(1938-1949).It analyzes the historical reasons for the in-depth development of financial supervision thought and the content of the banking supervision thought,the securities supervision thought,the insurance supervision thought and the foreign exchange supervision thought.As to the banking supervision thought,it discusses the profound understanding on the importance of banking supervision,the development of the thoughts to improve central bank supervision and banking supervisor setting,and the making of The Banking Law(1947).As to the securities supervision thought,it discusses the normalization of securities issuance and exchange,and the supervision on stock exchange.As to the insurance supervision thought,it discusses the setting of insurance supervision office,the management of soldier insurance during the war times and the supervision thought in Administrative Measures for Insurance Industry in the War Times.As to the foreign exchange supervision thought,it discusses both the thoughts put forward by domestic thinkers and those proposed by Chinese overseas students when they were abroad.At the end of this chapter are the characteristics of the supervision thought in this period.And the last part is the conclusion and enlightenment,which mainly summarizes the overall characteristics and historical enlightenment of the development of financial supervision in modern China.This is a systematic and in-depth observation and thinking of the financial supervision thought in this period,and provides some important enlightenment for the financial supervision development in current China.Through the analysis on the evolution of financial supervision thought in modern China,we can get the following conclusions.The general characteristics include: first,China were deeply influenced by western financial theories;second,China pursued supervision by law but the result failed to meet the expectation;third,the financial supervision thought in modern China was highly relevant to the historical conditions.The enlightenment includes: first,a stable society and a powerful state is essential for the sound development of financial market;second,it is important to learn advanced thoughts and theories from abroad;third,it is necessary to enhance legal supervision on financial market to ensure that there are laws to follow and laws are strictly observed;forth,there should be more supervision on the information disclosure of corporate enterprises;fifth,financial market supervision needs both the government's effort and the self-discipline of financial business leagues.