Abstract:Financial supervision policy，monetary policy and fiscal policy constitute the three major strategic tools for the government to manage the economy. Without the effective financial supervision，it is unable to successfully manage the various risks and challenges arising from economic transition. Current factors affecting the efficiency of financial regulation are as follows：First is the existence of a wide range of implicit guarantee in the financial system，and access barriers as well as unfair competition seriously inhibit competition in the financial industry，therefore the external environment of financial supervision needs to be improved. Second，there is a conflict between the multiple objectives of regulators，which are difficult to balance in regulatory practices. Third，in addition to the serious shortage of resources and weak accountability mechanisms，the regulators’ operational independence is not strong，and governance framework needs improvement. Fourth，the existing administrative control oriented sub-sector regulatory structure is more and more difficult to adapt to the status of rapid development of financial mixed operation，such as the coexistence of regulatory overlaps and regulatory gaps，the lack of a formal framework for macro-prudential regulatory，the non-standard regulatory cooperation，and the imperfect information-sharing arrangements. Fifth，the quasi financial organization shave developed rapidly in recent years，establishing closer links with the formal financial system，and their impact on regional financial stability have also gradually revealed. But there exist regulatory gaps，and local regulatory standards are not unified.
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