ABSTRACT
The reform of the financial system is a systematic task. It requires top-down design as well as continuous and persistent effort for several years or even longer period of time. The current financial regulatory mode in China has failed to adapt to the rapid development of the financial industry and to some extent has become a barrier for deepening financial reform. Deepening financial reform requires major breakthroughs achieved at key fronts. Determination to make breakthroughs should be set as early as possible to take the initiative to reform. Moreover, financial reform is closely related to multiple aspects, including financial infrastructure, self-discipline of and external discipline on the government, the integration and coordination among different government entities, the precision of policy targeting and the capabilities to handle affairs. Therefore, the process of deepening financial reform is also the process of improving the governance capability of the government. It is necessary to regard the financial reform as a national strategy.
