| In a perspective of law,this thesis attempts to explore the fundamental principles and mechanisms of the standardization and supervision of supervisory action taken by the financial supervisors, and to discuss the establishment of a legal system which is necessary to supervise the supervisory action of the central bank of China, the People's Bank of China (PBC).The contribution of this thesis are as follows: first, the study of the objectives, the approaches, and the legal environment of supervising the supervisory action of PBC in a background of economic transition and open economy contributes the creation of a highly-efficient and fair supervisory order, which is of vital importance to the accomplishment of financial sustainable development at the age of financial globalization. Second, the demonstration of the fundamental principles of supervising the supervisors may provide specific knowledge for the legislation and application of financial law. Third, much more positive evidence can be obtained which develops the general theory with regard to regulation of governmental action upon economic regulation.This thesis consists of four chapters. In the first chapter, the author reviews the theories on which the financial supervision is based, discusses the objectives and framework of modern financial supervision, and interprets two essential categories, namely, supervisory power and supervisory action. Theoretically, supervisory power as a kind of public power enjoys both legislative and executive functions. It is due to the complication and specialization of financial supervision that the supervisory power is characterized by much more discretion.In the second chapter, the author elaborates the justifications for supervising the financial supervisors from various aspects. In terms of jurisprudence, the supervisory power, especially the supervisory discretion can be constrained, and the rights of the financial institutions be maintained if the financial supervisors are supervised. Furthermore, in terms of public administration, the low efficiency tendency of financial supervisors may be offset in a certain degree, and the efficiency be improved if there are adequate pressure made by supervision. The closedown of Hainan Development Bank in 1998 and the scandal of supervisory official in Ningbo City in 1999 confirm the reason of these claims.In the third chapter, the author makes a comparative research between the U.K and the U.S.A upon the legal institutions ensuring the effectiveness of supervising the financial supervisors. Both countries share many similarities as well as differences in terms of supervising financial supervisors. The most significant enlightenment obtained through this comparative research is that the philosophy of "control of power with power", which has been proved reasonable and effective, shall be introduced and applied to the practice of innovating upon China's legal institutions in the financial filed with consideration for China's national conditions. Therefore, financial supervisors' supervisory power ought to be restrained by the law while enjoying the authority to supervise.In the fourth chapter, the author reflects the contemporary situation of China's financial supervision, indicates the fact that the supervision which PBC and its staff accept is insufficient, and then explores the objectives and mechanisms that control the supervisory power and supervise PBC at the levels of state and society. At present, there are threedialectical contradictions for PBC's supervision of financial institutions, providing the specific justifications for supervising PBC and its staff. After China's entry into WTO, the neutrality of PBC as one of China's supervisory agencies ought to be guaranteed through PBC's acceptance of sufficient supervision. The author suggests three approaches available of supervising PBC and its staff: defining the extent of supervisory power by rules, making the supervisory action subjective to specific procedures, and distrib... |
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