Reform of the Financial Regulation System of China during Financial Market Globalization

Editors: Cao Fengqi et al.

Translated by Li Sumei, Wen Xiuying

ISBN: 978-1-84464-494-0

Ebook ISBN: 978-1-84464-495-7

Hardback-520 Pages

November 2018


£95 €118 $152


This book analyzes the effect of financial internationalization and financial crisis on international and country level financial risk and financial stability, summarizes the experience of international and country level financial regulation system reform and its inspiration on China. It studies the current situation and existing problems of China’s financial regulation, proposes the countermeasures to enhance financial regulation. Based on these analyses, we propose the direction of China’s financial regulation reform, that is, functional regulation, and design the framework and corresponding reform steps to implement it.

The recent financial crisis teaches a lesson for us: the financial market without necessary regulation could hardly achieve the sound development by self-adjustment. Although the developing economies, including China, survived and performed much better than developed economies during the crisis, it’s also necessary for them to improve their financial regulations to avoid crisis. This book looks into the financial regulations in China – its current situation, existing problems, and provides the policy suggestions on implementation of financial regulation reform, such as the design of the framework and functional regulations.


Chapter 1 Theory of financial crisis and financial regulation during financial internationalization 1.1 Financial industry during financial globalization 1.2 The globalization of financial risk 1.3 The development of financial regulation theory 1.4 The world financial regulation system change during globalization Chapter 2 Idea and ways of financial regulation 2.1 Contents of idea and ways of financial regulation 2.2 Rule based regulation and principle based regulation 2.3 Philosophy thoughts on regulation idea and way Chapter 3 Comparing financial regulation system in different countries 3.1 Type and history of world financial regulation 3.2 Financial regulation system in different countries 3.3 Financial regulation reform and development after financial crises in main countries 3.4 The international development trend of financial regulation system and its inspiration on China Chapter 4 Evaluating China’s financial regulation system 4.1 History of China’s financial regulation 4.2 Evaluating the current regulation system 4.3 The necessity of further reform of China’s financial regulation system Chapter 5 Money market regulation 5.1 Current situation and problems of money market 5.2 Risk in money market 5.3 Regulation innovation in monetary market 5.4 Financial stability in monetary market and monetary policy transmission Chapter 6 Foreign exchange market regulation 6.1 The history of foreign exchange control 6.2 The monitoring indicators of short term capital flow 6.3 The regulation idea on interbank foreign exchange market 6.4 The new micro level regulation problems in foreign exchange market after its reform 6.5 The road map of RMB internationalization risk prevention Chapter 7 Bank regulation 7.1 Main reasons of bank regulation 7.2 The analyses framework of efficient regulation 7.3 New questions during financial market globalization and our countermeasures Chapter 8 Securities industry and capital market regulation 8.1 The founding of securities industry and capital market regulation system 8.2 Reform and improvement of securities industry and capital market regulation system 8.3 Thoughts and policy propositions Chapter 9 Insurance industry and insurance market regulation 9.1 International insurance regulation system 9.2 The newest trend in international insurance regulation and its inspiration on China 9.3 Thoughts and policy propositions on improving China’s insurance regulation Chapter 10 Rural finance regulation 10.1The development process and current situations of rural finance in China 10.2 Evaluating the current rural finance regulation system 10.3 Building a multi level inclusive rural finance system 10.4 Reform and improvement of rural finance regulation system Chapter 11 Financial derivatives market regulation 11.1 The current situation of derivatives market in china 11.2 Current regulation of derivatives in China 11.3 Regulation systems of derivatives in advanced countries and regions 11.4 Rebuilding a multi level derivative market regulation system Chapter 12 Mixed operation and financial holding company regulation 12.1 Development of mixed operation and financial holding companies 12.2Main reasons to regulate financial holding companies 12.3The problems and countermeasures of regulating China’s financial holding companies during financial market globalization Chapter 13 China’s financial regulation system during financial internationalization 13.1 Risk during China’s financial globalization 13.2 The statistic monitoring system of circulation of international fund 13.3 The international fund circulation during China’s financial internationalization and macro level regulation 13.4 Conclusion and proposal Chapter 14 Financial regulation Law and international cooperation 14.1 Law system of financial regulation 14.2 International cooperation of financial regulation 14.3 Countermeasures of law in China Chapter 15 Idea and plan of China’s financial regulation system 15.1 Macro prudential regulation and financial regulation system reform 15.2 Road map and plan of China’s financial regulation system 15.3 Improving financial regulation system References Postscript

About Author:

Cao Fengqi, was born in July 1945. He is Professor and Doctoral Supervisor of Guanghua School of Management, Peking University. Professor Cao is a member of Social Science Committee of Ministry of Education, and a member of the National Finance Association of China. He was a former dean of Guanghua School of Management, and a former president of academic board of Guanghua School of Management. From 1992, he got the government special allowance of China. Professor Cao has published many academic papers in top journals and writings in economics and finance, in a wide range of areas including Chinese economy, finance and security.

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