Research On Legal Issues Of Financial Supervision And Cooperation Under CAFTA

Under the background of economic globalization,regional financial regulatory cooperation is the protagonist on the modern international economic stage.The economic relations between China and various Asian countries,especially the close economic level of ASEAN countries,determine that China should actively and autonomously participate in regional financial supervision and cooperation in order to promote further economic development and cooperation in Asia.This is also the key to the Chinese economy going global.In the last century,ASEAN countries experienced the financial crisis in Southeast Asia,which fully exposed the loopholes and defects in the financial system.Because under the influence of globalization,the contradiction between nationalization of regulation and internationalization of finance has become increasingly prominent,and relying solely on the management of individual countries has been unable to withstand the risks posed by the transnational development of financial activities.Financial integration is conducive to cooperation among financial regulators in various Asian countries.The emergence of an independent financial supervision organization will further promote the degree of financial integration in the region.The regulatory cooperation system not only helps ensure the financial stability of all countries in the free trade zone,prevents the recurrence of the financial crisis,but also helps to improve China's financial supervision system.This article mainly introduces the concept of regional financial supervision and cooperation.The theoretical basis for regional financial supervision and cooperation was elaborated,focusing on the limitations of national jurisdiction and regional governance theory,illustrating the contradiction between financial activity regionalization and regulatory nationalization.This is because the limitations of the inherent financial supervision technology cannot fully provide technical support for the unstable financial regionalization.Therefore,China-ASEAN free trade zone financial supervision cooperation is necessary.As financial activities are inherently high-risk and highly conductive,the establishment and improvement of the financial supervisory cooperation system in the China-ASEAN Free Trade Area is imminent in order to ensure the economic security of the China-ASEAN Free Trade Area.Since the establishment of the China-ASEAN Free Trade Area,the financial exchanges between China and ASEAN countries have become closer.This will inevitably cover the relationship between China and ASEAN countries in the financial sector such as banking,and further strengthen cooperation.The status quo of China-ASEAN Free Trade Zone financial supervision and cooperation is mainly reflected in banking,securities and insurance industries.This article explains and elaborates on the status quo of China-ASEAN Free Trade Zone financial supervision and cooperation,and discovers the legal issues that actually arise in financial regulatory cooperation in the free trade zone.Most of the financial regulatory cooperation between the China-ASEAN Free Trade Area is at this level of negotiation.In order to better solve the problem of poor implementation of financial regulatory cooperation,lack of separate regional institutions,unsound information disclosure system,and imperfect aid system,the paper borrowed from the European Union,the International Monetary Fund,and the Basel Committee on Banking Supervision.The experience in monitoring cooperation has brought practical significance to the financial supervision and cooperation of the China-ASEAN Free Trade Area.Finally,based on the aforesaid theoretical analysis,this article elaborates on the improvement of China-ASEAN Free Trade Area financial supervision cooperation measures.