On the Accountability Mechanism of China's Financial Regulatory Agencies

Abstract

Financial security is a key dimension of the national security system, and perfecting the accountability mechanism for financial regulatory agencies is a vital institutional guarantee to safeguard financial security. This paper organizes the normative documents of the current accountability mechanism of China's financial regulatory agencies and analyzes the status quo of its operation, finding that issues remain such as an incomplete legal system, unsound accountability subjects, and irregular accountability procedures. Thus, based on clarifying the three fundamental theoretical bases of the accountability mechanism, this paper recommends learning from the mature accountability mechanisms of foreign financial regulators, and proposes a systematic approach to improve China's financial regulatory accountability mechanism from multiple aspects including laws, accountability subjects, and procedures, aiming to ensure its vital function in maintaining financial security amid expanded financial opening.