The Evolution of my country's Financial Supervision System
China's current financial regulatory system has transitioned from "one bank and three committees" to "one committee, one bank and two committees", namely the Financial Stability and Development Committee of the State Council, the People's Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission.
Responsibilities of the Financial Stability and Development Committee of the State Council
Positioning of the Financial Stability and Development Committee of the State Council
"As the State Council's coordinating agency for coordinating financial stability and major issues of reform and development", it is responsible for coordinating the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Development and Reform Commission, the Ministry of Finance and other financial and financial departments, strengthening The People's Bank of China will fulfill its responsibilities for macro-prudential management and systemic risk prevention, implement the regulatory responsibilities of financial regulatory authorities, and strengthen regulatory accountability.
main duty
1. Implement the decisions and arrangements of the Party Central Committee and the State Council on financial work
2. Deliberate on the grand plan for the reform and development of the financial industry
3. Coordinating financial reform, development and supervision, coordinating matters related to monetary policy and financial supervision, coordinating major matters of financial supervision, coordinating financial policies and related fiscal policies, industrial policies, etc.
4. Analyze and judge the international and domestic financial situation, respond to international financial risks, and study major policies to prevent and deal with systemic financial risks and maintain financial stability
5. Guide local financial reform, development and supervision, conduct business supervision and accountability of financial management departments and local governments, etc.
The 4 major issues that the Financial Stability and Development Committee of the State Council is currently focusing on
shadow banking
out of regulation
Asset Management Industry
no standard
Internet banking
license
financial holding company
Interdepartmental Transaction Policy Supervision
Responsibilities of the People's Bank of China
The People's Bank of China is my country's central bank and one of the departments of the State Council. It is mainly responsible for formulating and implementing monetary policies, maintaining financial stability, and undertaking certain financial service functions.
Manage the financial industry
Draw up the development plan of the financial industry, coordinate and solve operational problems; take the lead in establishing a macro-trial framework and designate laws and regulations; take the lead in the prevention and emergency response of systemic financial risks; take the lead in the planning of important financial infrastructure construction and coordinate the implementation of supervision; coordinate the comprehensive statistics of the financial industry ;Organize and formulate financial industry informatization development plan; undertake the coordination, supervision and management of national anti-money laundering and anti-terrorist financing work; participate in global economic and financial governance related to the business of the People's Bank of China; manage the credit industry and promote the establishment of a social credit system.
manage money
Formulate and implement monetary policy and credit policy; be responsible for formulating and implementing RMB exchange rate policy; issue RMB and manage RMB circulation; coordinate the construction of the national payment system and implement supervision; manage the treasury; manage the State Administration of Foreign Exchange; assume the responsibility of the lender of last resort.
Manage various markets
Supervise and manage the inter-bank credit market, currency market, foreign exchange market, bill market, gold market and related over-the-counter derivatives in the above markets; take the lead in the identification, early warning and disposal of cross-market, cross-business and cross-regional financial risks.
Proposed Responsibilities of the China Banking and Insurance Regulatory Commission
Formed on March 17, 2018
Implement unified supervision and management of the national banking and insurance industries in accordance with laws and regulations
Responsibilities of the China Securities Regulatory Commission
The China Securities Regulatory Commission, as the ministry-level public institution responsible for the supervision and management of the securities and futures industry under the State Council, implements centralized and unified supervision and management of the national securities and futures markets in accordance with laws, regulations and the authorization of the State Council.
Summarize:
1. One committee, one bank and two committees: the Financial Stability and Development Committee of the State Council, the People's Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission
2. Responsibilities of the Financial Stability and Development Committee of the State Council: a coordinating body for the State Council to coordinate financial stability and major issues of reform and development
3. Responsibilities of the People's Bank of China: formulation and implementation of monetary policy, maintenance of financial stability, financial services
4. The proposed duties of the China Banking and Insurance Regulatory Commission: unified supervision and management of the banking and insurance industries
5. Responsibilities of the China Securities Regulatory Commission: Unified supervision and management of the national securities and futures markets