Study On Perfection Of China's Financial Competition Supervision System

Financial competition supervision reflects the evolution of objective of supervision from financial security objective to competition objective. China's current financial supervision system puts too much emphasis on financial security, which has been placed as the priority within the whole financial supervision objective system. And this leads to obvious financial depression and excessive government intervention in the financial sector. Therefore, it is necessary to strengthen financial competition supervision and change the excessive emphasis on financial security from the past. Meanwhile, it is important to place competition objective as the most important within the whole supervision objectives system and guide the perfection of China's financial competition supervision system. On one hand, this requires reducing excessive government intervention, letting market mechanism function, thus promoting financial competition through financial competition supervision and improving financial efficiency. On the other hand, it is necessary to control the financial competition within fair moderate and orderly range through effective integration and configuration of existing financial supervision and competition law enforcement resources. The thesis consists of four parts:The first part defines financial competition supervision, and anylizes its core concept and elements. Financial competition supervision means abandoning the past regulation mode of simply focusing on security objective and placing competition objective as the most important of whole regulation objective system. That is, on one hand, to promote competition and financial efficiency through financial competition supervision, on the other hand, to control financial competition within fair moderate and orderly range through supervision. The core concept of financial competition supervision is moderate financial liberalization, financial efficiency and fair moderate orderly financial competition. Financial competition supervision consists of reduction of excessive government intervention, stengthening the constraint function of market mechanism, stengthening the scientific attribute of enterprise inner governance and mandatory market exit mechanismThe second part anylizes the theoretic basis of financial competition supervision. Financial competition supervision is not only the appeal of financial deepening theory, but also the results of legal value selection. Financial competition supervision is the results of game between financial stability and financial effiency, and also meets the need of financial security.The third part anylizes the status and defects of China's current financial competition supervision. First, financial competition objective has been weakened. China's current financial supervision primarily targets at controlling financial risk and maintaining financial security, which leads to the weakening of financial competition objective, neglects financial efficiency and financial liberty and restrict financial competition from being effective and fair. Second, excessive government intervention exists in financial comeptition supervision, which embodies in strict financial market access system, strict limitation of financial business scope and excessive control over interets rates. Finally, the power configuration between China's financial competition supervision institution and competition law enforcement authorities (anti-unfair competition law enforcement agency and anti-trust law enforcement agency) is unreasonable.The fourth part proposes suggestion of perfecting China's financial competition supervision system. The proposal includes:first of all, building a supervision system with competition objective as priority; secondly, reducing the excessive government intervention within financial competition supervision, which refers to reform the financial market access system, perfecting China's information disclosure system on the basis of abolition of financial business scope and market-oriented reform of interests rates;finally, rationally allocating power between financial competition supervision institution and competion law enforement authorities(anti-unfair competition law enforcement agency and anti-trust law enforcement agency).