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Deepening the Reform of Financial Supervision System: Thoughts and Policy Options (No.15, 2019)
2019-04-02
By Li Yaokun, Research Institute for Public Administration and Human Resources & Ma Shuping, Research Institute for Enterprises, DRC
Research Report, No.15, 2019 (Total 5515) 2019-2-12
Abstract: Since the 18th CPC National Congress, China has actively promoted the construction of the financial supervision system. It has significantly enhanced the institutionalization and standardization of financial supervision, improved the management performance and operation effectiveness of financial capital and strengthened the financial discipline and risk-prevention awareness in financial institutions by establishing an anti-waste institutional system, improving the system of dynamic monitoring and internal oversight of budget enforcement, making more efforts to carry out special checks, inspections and rectifications on the financial system, improving the digital information monitoring system and consolidating the mechanism of financial information disclosure and social supervision. At the same time, some problems are still prominent, such as the urgent need to update the mind-set, the relative lag in the construction of law and regulations, the unsound supervision system, the unclear responsibilities of supervision entities, and the quality of the supervision team. In order to further deepen the reform of financial supervision system, the following measures are suggested. We need to clarify the division of responsibilities and strengthen supervision according to the division, flesh out the mechanisms for budget management and punishment, train more professional supervisors, deepen the mechanism building for supervisory information disclosure and public opinion feedback, improve the information technology to support the system reform in financial supervision, etc.
Key words: financial supervision, thoughts on anti-corruption, policy options
