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On Financial Regulatory System Reforms from the Perspective of Financial Structure

In: The New Cycle and New Finance in China

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  • Shusong Ba

Abstract

From the perspective of structure, financial structure determines the system and structure of financial supervision. The global financial structure has been tilting in favor of financial markets and mixed financial operation, which has not changed after the outbreak of the financial crisis. Financial supervision, however, has showed a trend of shifting from multi-institutional separate supervision (industry-specific regulation by multiple authorities) to unified functional or objective supervision in an effort to adapt to the financial structure development. Meanwhile, all countries are strengthening their central banks’ role in financial supervision. In China, though the financial structure is currently bank-based (i.e., banks are the dominant institutions providing indirect, or intermediated debt, finance), the role and status of financial markets in the financial system are on the rise, with the trend toward mixed operation in financial institutions strengthening, and their boundary blurring. And the existing multi-institutional separate regulatory model faces many challenges and needs corresponding adjustments according to the change in financial structure due to its inability to meet the requirements of the financial structure development.

Suggested Citation

  • Shusong Ba, 2022. "On Financial Regulatory System Reforms from the Perspective of Financial Structure," Springer Books, in: The New Cycle and New Finance in China, chapter 0, pages 351-365, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-8209-4_44
    DOI: 10.1007/978-981-16-8209-4_44
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