Research On The Allocation Of Local Financial Supervisory Power

In recent years,China has continuously carried out reforms of local financial supervision,and the vertical allocation of financial supervision power has experienced a transition from a vertical supervision model to a two-tier supervision model.How local financial regulatory power is allocated not only affects the local financial regulatory agency's own positioning and adjustment of functions,but also has a profound impact on the country's systemic financial stability and the innovative development of new financial formats.The limitations and contradictions in the allocation of local financial regulatory powers reflect to a certain extent that the vertical control of China's financial regulatory system needs to be strengthened.It is a relatively weak link in advancing the national governance system and governance capacity,and finance is China's modern economic development.Therefore,we should regard the reform of local financial supervision as an important part of advancing the modernization of national governance system and governance capacity.China has gradually formed a new pattern of financial regulatory framework of "one committee,one party,two sessions,one bureau".The central government,the central regulatory authority,and national ministries and commissions have entrusted or delegated some of the local financial regulatory powers to local governments.Local governments at all levels have gradually improved the setting of local financial supervision institutions through innovative financial system methods to achieve the transition from financial offices to local finance.The "upgrade" of the Supervision Bureau assumes the financial management responsibilities of local governments and strengthens local supervision of financial risks.Although the reform of local financial supervision has been continuously strengthened,the phenomenon of "multiple dragons governing water" belonging to different departments of local financial supervision power is still prominent.There are still irregularities in the operation of local government financial supervision powers,unclear power scope,lack of legal systems,The control of supervisory power lacks effective means,the coordination mechanism between central and local supervisory agencies is incomplete,and the financial supervision responsibilities and organizational frameworks of localities are quite different.It is necessary to gradually optimize the mechanism for the allocation of local financial regulatory powers,improve the legal system for the allocation of local financial regulatory powers,make up for the shortcomings of local financial regulatory laws,and establish uniform local financial regulatory legislative rules.Further clarify the boundary of power and responsibility between the central and local governments,clarify the subject of local financial supervision,and enrich the responsibility and power of local financial supervision.In terms of the functions of local financial regulatory agencies,the balance between the functions of "financial development" and "financial supervision" should be achieved,and the target positioning of local financial regulatory agencies should be identified.Facing the regulatory challenges brought by the development of financial technology,we should accelerate the development of regulatory technology to improve local capabilities to prevent and resolve emerging financial risks,introduce a regulatory sandbox mechanism,and make up for the lack of local inclusive regulation.Establish and improve the coordination mechanism of local financial supervision,strengthen coordination and coordination between central and local governments,local governments,and local financial supervision departments to form a joint force of supervision.Local financial regulatory agencies should strengthen behavioral supervision,and adhere to the combination of prudent supervision and behavioral supervision,both to ensure the healthy operation of local financial institutions and to protect the legitimate rights and interests of financial consumers.