The Reformation Of Financial System In Japan Enlighten Our Country

In recent years, with the rapid development of financial technology and theconstant innovation of financial products, the boundaries among financial services inthe financial markets have become increasingly blurred. Moreover, along with the riseof large financial conglomerates, financial institutions enter the international marketwith large scale, and financial services also present a cross-industry developmenttrend. To adapt to the trend of financial development, financial regulatory agencies arebound to make appropriate adjustments. To response to the impact of the financialcross-industry and the emergence of new financial instruments on the traditionalseparate regulatory system, countries all over the world have conducted financialreform, i.e., the transformation of the financial regulation from the institutionalregulation to functional regulation, aiming at unified regulation.Facing the problem of a rigid financial regulatory system, Japan also conductedrelevant reform, i.e., an integrated reform of the financial regulatory agencies, andgradually established the new financial regulatory system led by the FinancialServices Agency and participated by independent central banks and deposit insuranceagencies. In addition to the reform of the financial regulatory agencies, Japan alsoconducted an integrated modification to the legal system of the financial regulation,that is, major revision to the Securities Exchange Act and development of FinancialCommodity Exchange Act. China’s financial industry presents a continuous development of mixed operationwith an endless emergence of new financial products. However, the separateregulation of financial regulation cannot meet the requirements of the mixed operationtrend and restricts the financial development. The financial legal system is relativelydecentralized and presents contradictions and conflicting situation. The establishmentof a new financial regulatory system suitable for China’s national conditions and anintegrated modification to the legal system of the financial regulation are desperatelyneeded. China should reflect on the current mode of regulation and draw on theexperience of the Japanese reform to improve and reform China’s regulatory systemon the original basis, so as to maintain the sustainable development of the financialindustry and achieve the objective of making China’s economy continue to take off.The first part of this paper analyzes the background of the Japanese financialreform, summarizes major financial reform programs and the results achieved, andanalyzes the legislative history of financial commodity exchange, paving the way forthe discussion below. The second part evaluates and analyzes the unified financialregulatory system of Japan, educes the changes brought about by the reform ofJapan’s financial regulatory system, and gets the revelation that the reform of China’sfinancial regulatory agencies should be carried out in stages to gradually establish aunified regulatory agencies. The third part analyzes part of the system of the unifiedlegislation of the Japanese financial legal system-Financial Commodity ExchangeAct, such as the lateral division of financial commodities, service providers, etc., andthe improvement of the information disclosure system, etc., and then describes theprospect of the gradual establishment of China’s Financial Commodity Services Actand the specific ideas to improve the information disclosure system.