We will accelerate the improvement of the financial infrastructure system

Focus on promoting the construction of financial infrastructure

There is still a long way to go in the construction of China's financial infrastructure, which requires multiple efforts and multi-pronged efforts.

First, strengthen overall supervision and form departmental coordination. The "One Committee, One line and two sessions" should give full play to the overall role of the leadership, and carry out top-level design for financial infrastructure access, governance, operation, risk control, and supervision. The Financial Stability and Development Commission of The State Council is responsible for coordinating financial regulatory reform, coordinating the division of functions, and strengthening macro-prudential and regulatory accountability. While exercising direct supervision over some financial infrastructure, the People's Bank of China should also arrange and implement the supervision work of various departments, delimit and define the scope of supervision, and promote the formation of a financial management system with unified cooperation and clear division of labor. The China Securities Regulatory Commission (CSRC) and the China Banking and Insurance Regulatory Commission (CBRC) are responsible for microprudential supervision and behavioral supervision of financial infrastructure. Local monetary administrations should take the initiative to do a good job in the supervision of local financial infrastructure and maintain local financial stability. Through coordination and cooperation, various departments form a "national chess game" and jointly build a "safety net" of financial risks.

Second, we should speed up special legislation and improve the legal environment. Financial infrastructure should have a robust, clear, transparent and enforceable legal basis. Therefore, the first is to formulate a comprehensive law to regulate the behavior of financial infrastructure, to make a comprehensive regulation of market access, governance and operation; The second is to formulate special conduct rules for specific financial infrastructure, and refine the supervision classification; The third is to further promote the standardization of financial information legislation, clarify the scope, form and caliber of information collection, dredge the information exchange channels between regulatory departments and financial institutions, and strengthen the judicial protection of financial information; Fourth, strengthen the provision of cross-border regulatory legislation for financial infrastructure, grasp the leading role of international financial regulation, and guard against external risks.

Third, accelerate institutional reform and promote market integration. In order to meet the requirements of modern financial market construction, we should actively guide the reform and transformation of financial institutions, especially non-corporate institutions. At present, the financial futures exchange of China's four major futures exchanges and the national Small and Medium enterprise share transfer System Co., Ltd. are set up according to the company system, which is a beneficial attempt to reform the financial infrastructure system. For the bond market, legislation should also be enacted to unify bond market registration and settlement, custody standards, constantly improve the equity structure of bond market infrastructure, and timely promote the integration of bond market supervision and business integration.

Fourth, increase the supply of facilities and strengthen financial innovation. In theory, the financial market infrastructure is located in the "background" of the financial service system, playing an important low-level service function, and itself is similar to public goods, with a relatively limited supply. While increasing the supply of financial infrastructure, through non-exclusive and non-competitive use, the number of institutions connected to financial market infrastructure is increasing, and market resources can be gathered, resulting in scale effects, market costs will be reduced, and operation efficiency will be improved in a timely manner. To this end, financial innovation needs to be strengthened. On the one hand, financial innovation is a "booster" for the construction of modern financial infrastructure, which can help the growth rate and efficiency of financial institutions. If financial infrastructure is regarded as the "foundation" and "platform" of the financial service system, then scientific and technological means can be regarded as the "beam" and "column" of financial infrastructure construction. Modern financial infrastructure hardware is built on a huge, fast computer network, with the vigorous development of big data, cloud computing, blockchain, artificial intelligence and other emerging technological means, to achieve the perfect fit of "finance + technology" will be the inevitable choice for financial infrastructure construction. On the other hand, the construction of financial infrastructure is an important foundation for the market of financial innovative products, which can ensure the safety and stability of the financial market. In the future, we can consider clarifying the attribution of specific supervision in the field of financial innovation, establishing a self-regulatory industry association, introducing policies and regulations to reasonably guide the direction of market development, building "hard" infrastructure support, improving the industry information statistics system, effectively avoiding risks, and making financial innovation a "power source" for the development of the real economy.