Key Subject of the Chinese Academy of Social Sciences: New directions in the post-crisis financial regulatory reform: Macro-prudential regulation

    Presenter: Wang Guogang and Hu Bin

    The explosion and spread of this global financial crisis expose that current financial regulatory system has seriously lagged behind the development of the financial practice. To solve this problem, countries has begun to take action to reviewing and reforming their financial regulatory system and putting forward a series of improving measures, such as strengthening the coordination between financial regulators, intensifying the financial stability function of monetary authorities, highlighting the systemic risk regulation and promoting the coordination and cooperation of international financial supervision, of which having wide agreement on strengthening macro-prudential regulation problems will become the crucial direction and breakthrough of the global financial regulatory reform in the future.
    Researching on post-crisis financial regulation theory and the practice development, especially macro-prudential regulation theory and practice is theoretically and practically significant. First of all, thorough analysis of regulatory incentives of crisis will be highly likely to make great contribution to propelling mentioned research due to the rare opportunities of social experiment in the global financial crisis. Secondly, judging the growing trend of global financial regulatory framework is not only beneficial for goal setting of financial system reform, but also practically significant for maintaining financial stability and preventing financial risks in our country. Finally, the understanding of development tendency of global financial regulatory system is the necessary condition for preparation of “going out” policy of Chinese enterprises and financial institutions, which is also helpful for China to establish the basic position and strategy in regional and international financial cooperation and protect national interests to the hilt.