Innovation And Perfection Of China's Financial Supervisory System

This year is the final year within the transitional period that China joins the WTO. Itmeans that China's financial institutions will promise to open to the outside world within lessthan one year. The comprehensive operation similar to "finance department store" of the foreigncapital financial institution brings huge pressures and impetus. This year is also the first year thatChina carries the Eleventh-Five program. Many related documents also put forward that ourcountry should develop the financial comprehensive operation steadily for the future. It isobvious that to develop the financial comprehensive operation has already become the commonneeds for the inside and outside world. However, the financial supervision must be raised on howto ensure the financial comprehensive operation to operate healthily under the new situation. Animportant issue nowadays is to strengthen and perfect the financial supervision, then to promotethe financial business development. Moreover the financial supervisory system is an importantpart of the financial system. The choice and foundation of the financial supervisory systemrelates to raise the supervisory efficiency and realize the supervisory objective.On the base of analyzing the domestic economic and financial situations concretely,through comparing the three international typical financial supervisory systems, the paper putsforward some measures to reform and perfect China's present financial supervisory system. Thispaper suggests that we should reform and perfect China's present financial supervisory systemstep by step gradually, fully considering China's historical and cultural traditions, economic andfinancial environments and political background. Nowadays China should still stick to themultiple supervisory systems, but we need to set up the supervisory system arrangements aboutthe comprehensive operation activities in every respect at the same time. For example, we shoulddo what we do to enhance the independence and specialization level of the supervisoryinstitutions, to harmonize the activities between the supervisory institutions and othermacro-control departments, to build and perfect the financial legal system, and so on.I hope that this paper can provide some feasible suggestions to the financial practices andtheoretical studies in our country.