Research On The Improvement Of China’s Financial Regulatory Legislation

General secretary Xi Jinping stressed on many occasions for several times to"implement the spirit of the eighteenth congress of Chinese Communist Party","uphold the integrated construction of nation ruled by law, the law-basedgovernment and society ruled by law construction, and constantly create a newsituation under the rule of law". In the modern society advocating the rule of law, it’sstill very important to construct the rules of law in financial area. Finance is the coreof the modern economy as well as the indicator of a country’s internationalcompetitiveness. Continuous real-time transactions for24hours make the financialmarket fast changing. With the further development of global economic integration,either a country’s monetary policy adjustment and specification, or a country’sfinancial market innovation, or the spread of risk, will create a ripple effects ofglobalization in the financial sector. However, we could learn the challenge andimpact on a country’s financial market and financial order. The sound integration inlegal system is the premise and foundation to make a country’s financial area stableand worth. In recent years, all countries expand and emphasize the financiallegislation and practices on the basis of summarizing the lessons from financial crisis.The rapid development of our country’s healthy financial industry requires attentionto the financial legislation work, and it requires financial law keep pace with thetimes and blaze new trails, however, it also requires legislation and practice workurgent and effective to some extent.Finance is the core of a country’s economy, and financial security relates to thelong-term and healthy development of a country’s economy. Both the U.S. suprememortgage crisis in2008and the Greek-based European sovereign debt crisis in2011highlighted the important role of the financial regulatory legislation in maintaining anational economic security. In essence, financial regulation belongs to a kind ofgovernment regulation of financial institutions, and it is also a legal restriction onfinancial transactions. Like finance, both of them are important means to adjust the national economic lifelines by the use of the central macro-control means. A hugehidden danger of today’s global financial crisis, especially the European debt crisis,the world financial turmoil spread in wide range, and it’s so destructive, and it hasnot ended yet, and it reinforce the importance of financial regulatory legislation. Anymarket economy country needs to carry out financial supervision, and it is a reactionof Keynesianism in the financial and legal area, so does China which is a member ofthe world. Standing on the head of the economic waves of the world economy, Chinahas to strengthen the financial control to curb the signs of some related issues.China put forward in the12th Five-Year Plan to further enhance financialsupervision and improve banking supervision capacity, and to further expandfinancial supervising coordination and information sharing. Standing at a newhistorical starting point, China’s rapid economic development and financialglobalization accompanied by the rule of law has an important practical significanceto build and improve China’s socialist financial legal system, and to guard againstfinancial risks.In this article, through theoretical and empirical methods, comparative analysis,historical analysis method to analysis and discussion, and concluded some measureson financial regulation legislation in our country: First, to improve and perfectChina’s financial supervision legal system; Second, using legal mechanism,strengthen coordination and cooperation between financial institutions;Third, facingthe new development of the financial regulation and new task, to carries on thelegislation of financial innovation; Fourth, improve the exit mechanism for financialinstitutions, law guarantee institutions out of legalization; Fifth, improve relevantlegislation of national credit system; Sixth, improve the financial legal system ofdisclosure of information; Seventh, to perfect the financial institutions of the internalcontrol system specification and industry self-discipline; Eighth, strengtheninternational coordination and cooperation in financial supervision in our country.The structure of this paper is divided into four parts:The first part tells a general theory of the Financial Supervision Act, the conceptof the Financial Supervision Act, the nature and principles of financial regulationillustrates and describes the historical changes of the Financial Supervision Act. The second part studies the status quo of China’s financial regulatory, legislativedefects in the necessity of regulation and the regulatory process.The third part mainly compares and learns the financial regulatory legislationbetween developed countries and regions, and also compares and learns the regionallegislation in developed countries, the United States, Britain, Japan.The fourth partgives some Suggestions to perfect financial regulatory legislation in our countryfrom eight aspects.