Study On Mechanism Construction Of China’s Financial Supervision And Coordination

Because our present country did not have a unified financial supervision and coordination organization and specialized coordination method, financial regulatory coordination mechanism mainly through many of the financial supervision and regulation department meeting and other loose organization arrangement, has become increasingly unsuited to the development of Chinese financial reform requirements, together with various regulatory conflicts of interest exist, perfect financial supervision and coordination mechanism construction is becoming an important content of strengthening financial supervision. Because the present our country did not have a unified financial supervision and coordination organization and specialized coordination method, financial regulatory coordination mechanism mainly through many of the financial supervision and regulation department meeting and other loose organization arrangement, has become increasingly unsuited to the development of Chinese financial reform requirements, together with various regulatory conflicts of interest exist, perfect financial supervision and coordination mechanism construction is becoming an important content of strengthening financial supervision.At present, China’s financial regulatory coordination mechanism from either the law or to the organizational arrangements have many problems and exist the problem of being detained, both from the central level or to the local level. The central level coordination mechanism of financial supervision has the following problems:Firstly, the lack of a unified financial supervision and coordination method; Secondly, the lack of a perfect coordination mechanism of financial supervision organization and formal system arrangement; Thirdly, the lack of effective, the authority of the dispute settlement mechanism, regulatory functions need further clarification; Fourthly, the lack of information communication platform, regulatory information sharing mechanism is not sound, communication channels are not smooth; Fifthly, the lack of a clear financial consumer protection cooperation mechanism, financial consumer protection and coordination functions to be further clear; Sixthly, the lack of inter-departmental joint enforcement mechanism, overlap problem is more serious; seven private loans, financial holding company new institutions lack of supervision the blank area, regulatory issues to be resolved. The local dimension of coordination mechanism of financial supervision are the following:a local level coordination mechanism of financial supervision system of existence of blank, the following counties of coordination mechanism of financial supervision is difficult to establish; two is the local finance office became the local level nominal financial supervision and coordination mechanism of total lead, but based on the legal authority of unknown obstacles to become the de facto coordinator role; three is the local financial departments and central regulators exist interest problem; four is regulatory policy conduction in place of encounter obstructions, preferential financial policy in central place is difficult to implement, local financial coordination mechanism to ensure that government decrees.Since2004, China started to the construction of coordination mechanism for financial regulation, there has been no substantive progress. In fact, the original proposed joint meeting system in the form of relatively loose, also do not have the procedure and resolution power, especially in the mechanism of the system itself has not been clear and perfect, regulatory coordination is obviously. Financial supervision act of one’s own free will, no mutual cooperation brought about as a direct consequence of regulatory costs increase, regulatory resources waste, as well as the financial institutions regulatory burden, eventually leading to the decline of the efficiency of supervision.Therefore, we can learn some methods from the overseas, the experience from abroad, although the use of regulatory patterns vary, but generally through formal system arrangement and gradually form a sound coordination and cooperation framework, form resultant force. But the financial supervision system adjust itself with great risk and cost, unless there is reason and thorough demonstration, or should not be on the regulation system of large adjustment; supervision system reform is a complex, high risk of the system engineering, is not a simple technical, organizational change. The current China’s financial supervision system reform should focus on that, vigorously strengthen the bank, securities, insurance industry three supervision of professional and effective, at the same time solid coordination mechanism of financial supervision coordination mechanism and strengthen the authority. Therefore we should pay more attention to the legislation of cooperative mechanism, supervision mechanism, the combined action mechanism, information sharing mechanism, different supervision policy and international cooperation mechanisms involved in aspects of perfecting China’s financial supervision and coordination mechanism construction. China’s financial supervision and coordination mechanism of the construction of the target is to build a "seamless" financial regulatory system, not only to prevent the financial regulatory vacuum, but also to avoid the financial supervision being overlapped. Financial supervision coordination body includes four big financial supervision departments, should also include the Ministry of Finance, the National Development and Reform Commission, the State Administration of Taxation, the State Administration for Industry and Commerce, audit and CIC, Huijin Company and other central level departments and also include finance office as the lead department where the level of financial coordination department, eventually the need to establish a unified financial regulatory agencies; to represent national exercise on financial business financial regulation coordination body.This paper puts forward that we should combine theory with practice, a comprehensive analysis of China’s financial supervision and coordination mechanism of the current situation, existing problems and future development of the financial industry’s demand still exists more incommensurate wait for a lot of problem; at the same time, draw lessons from international financial regulatory coordination mechanism construction experience and domestic scholars’ opinion, put forward to perfect China’s financial supervision and coordination mechanism for six pieces of suggestions. In the research process, we should change the past the majority of scholars have put forward that the scope of the coordination mechanism of financial supervision construction is too limited, and the behavior of the lead department argument, but the use of macro-control and financial supervision "supervision theory" in economic reverse cycle, the central bank in the economic growth and guard against financial risks have conflict, not suitable as a regulatory coordination roles of judge, also shows that the monetary policy and regulatory policy moderately phase separation is a necessary guarantee for the safe operation of the financial industry, the establishment of an independent and unified financial supervision committee is the best coordination mechanism construction, but also for China to improve the effectiveness of financial regulation construction put forward a train of thought.