监管割据与审慎不足:中国金融监管体制的问题与改革

Regulatory Isolation and Prudential Insufficiency:the Problems and Reform of Chinese Financial Regulatory Framework

在详尽梳理世界主要国家金融监管模式与监管改革趋势的基础上,指出中国"一行三会"分立监管体制的根本问题是监管割据与审慎不足,这些缺陷在2015年的股灾中表现尤为突出。提出要改革中国的金融监管体系就必须按照双峰监管的模式同时整合监管权力与强化审慎监管。

Based on comparing the various financial regulatory frameworks and the recent financial regulation reformsin the major countries, this paper reveals that the fundamental flaws of Chinese ＂one bank and three committees＂ regulatory framework are regulatory isolation and prudential insufficiency, and these flaws are noticeably exposed in the 2015 stock market disaster. This paper further points out that the twin -peak model, to integrate and reorganize the regulatory powers and strengthen the prudential regulation concurrently, is the optimal way to reform the Chinese regulatory framework.