The Research On The China's Financial Supervision Law System

Nowadays, China witnesses a number of problems in financial domain, which proves the incapability of its financial supervision and the incompletion in law system of financial supervision to some extent. From aspects of the concept, subject, object, procedure and administrative punishment of financial supervision, the author makes tentative research to show that with the gradual perfection of our public finance, supervision with regard to laws, achievements and effects, division and cooperation should be set up on the basis of the previous check-type supervision. Our present financial supervision organization appears to be multiple, parallel and repetitive in assigning duties which, therefore requires complex organization combining legislation, administration and society. Due to the unclear relationship among financial supervision organization, especially that between audit organization and financial department, repetitive jobs are frequently done and information, conclusions can't be shared, therefore, this leads to waste of manpower, resources and time. To steamline these two organizations, some adjustments should be made to make clear their own responsibility and achieve mutual benefits according to their individual characteristics. Financial supervision procedure is an order that must be abided by in handling financial supervision affairs. However, our budget supervision procedure of NPC is incomplete; there is no comparatively sufficient audit budget draft for NPC members and also a shortage of debate procedure. Budget audit authorization procedure needs to be strengthened and effective supervision waits to be promoted. Our present financial execution procedure has not meet standardization and some systems are needed to be built and match it. Meanwhile, financial supervision administrative punishment law system needs to quicken its steps in setting up, reforming, abolishing and get improved in practice.