By Zheng Hong, Wang Gang & Zhang Chenghui, Research Team of DRC on China's Financial Reform Strategy

Research Report No 36, 2015 (Total 4721)

Abstract:

After 20 years' development, China's financial law system has advanced from a low level to a moderate level step by step, to a large extent satisfying the need of China's financial system development in transitional period. Its features are as follows: the standard financial legislation right belongs to the National People's Congress and the State Council, the basis of law enforcement is relevant documents issued by financial authorities, and judicial interpretation and other judicial documents constitute key parts of financial law system. However, the current financial law system still has some insufficiencies and defects. With the transition of economic developing modes and the smooth transformation of financial industry, the inappropriateness of current financial law system gradually has become prominent, restraining the sound development of financial market and financial industry. After reviewing the formation and development of financial law system, this report gives an analysis of features of China's current financial law system and systematically summarizes the main defects of financial law system from the perspectives of financial law legislation, financial enforcement, financial jurisdiction and lawful financial practice.