Financial Innovation Supervision In China's Free Trade Test Area Research On Legal Issues

From the establishment of Shanghai Free Trade Zone in 2013 to the newly approved Hainan Free Trade Zone in 2018,the reform of financial innovation has always been an important part of the pilot policies of each free trade zone.In the process of the innovation practice of financial reform in 11 free trade zones approved in the early stage,great achievements have been made in the aspects of financial system innovation,financial policy replication,diversity of financial subjects,high efficiency of financial services,convenient financial funds and controllable financial risks.However,there are still a series of problems to be solved in the process of promoting the financial reform in the Free Trade Zone.For example,some of the reforms are restricted by the integrity of the financial system.The implementation of some reform is restricted by the current situation of mixed financial supervision.There is a problem of repeated supervision or regulatory vacuum;the coordination of various financial sectors in the region needs to be further strengthened;the efficiency of financial management in the region still needs to be improved;The policy of Free Trade Zone can be replicated and popularized by all parties in the society,and there are some deviations in the understanding of the policy of free trade zone.Some of the above problems arise from the whole self-nature of finance in China,while some are regional financial problems that appear in the process of financial innovation in the Free Trade Zone.In order to solve these above problems,this paper is based on research on the fundamental content of Free Trade Zone,summarizing the content of the of financial innovation reform in the three Free Trade Zones of China and the framework of the legal system of financial supervision and regulation established by each of the free trade zone at present.This paper summarizes the legal problems and causes in the process of financial reform and innovation in China's free trade zones,and draws lessons from the experiences of other mature economies in the world on the supervision of financial innovation in free trade zones,and puts forward some suggestions for perfecting the legal system of financial innovation supervisionin China's Free Trade Zones.