The Implications Of Basel ? To The Reform Of China's Financial Supervision System

After the Subprime Crisis,maintaining the security of the financial system has become the main theme of financial supervision and legislation in all major economies.Under the New Situation & the New Normalcy external conditions,it is the Major Challenge for financial regulators and legislators whether the financial supervision system can stimulate the Original Role of Realizing Financial Service to The Real Economy and achieving the target of Strictly Preventing Systematic Financial Risks.This paper argues that the concept of "Separated Supervision" pursued by China's traditional financial supervision system could NOT keep pace with the developing & changing innovation of the financial system now.The concept of "Macro-Prudential" supervision has gradually become the guiding ideology of China's financial supervision system.But there is a long way from the transformation of ideas to the transformation of entities.As early as 2011,the legislation of banking regulatory framework based on Basel III has been enacted in China.But until 2018,China's financial regulatory system still keeps on deviating from the new framework.This article hopes to answer "What's Wrong" to the above matters from the Basel ?,by learning the Financial Crisis experience,summing up and refining Financial Supervision Philosophy,and analyzing regulatory means and methods.After analyzing the domestic financial supervision examples,it is concluded that there are some short plates in China's financial supervision system,such as unclear Reform Path,incomplete System Integration,indistinct Legislative & Judicial Powers and so on.This paper regards Financial Security as the core objective value.After research and analysis,it is concluded that,firstly,the legislative power of financial supervision should be unified,the judicial power should be integrated,and the financial supervision institution system with the independent committee as the core should be established;secondly,the concept,tools and technical means of supervision should be further internationalized.We should learn from the advanced international financial supervision theory,the advanced supervision technology,and speed up the design and implementation of the corresponding supervision tools.