Global regulatory cooperation by the concerned officials Weapon States to financial reform.

<P> Financial crisis, lack of global financial regulation is the cause for the important reasons of the crisis reached a consensus. .Lujiazui Financial Forum in this, and from the China Banking Regulatory Commission, the U.S. Treasury, the Australian Prudential Regulatory Commission, the Tokyo Stock Exchange Group, a number of foreign financial regulatory officials to cooperate with the global financial regulatory system changes were discussed in depth. .Since this topic is not only the countries are highly concerned about the current problems, and is being held in G20 summit, world leaders will also exchange views on this in order to reach a consensus on this issue. .</ P> <P> change "a bad memory brings happiness" </ P> <P> In fact, reform of the regulatory system has never stopped. .But every time the crisis broke out, someone called for strengthening supervision; and when the market becomes stable, confidence is restored, the lessons of the crisis will be thrown into the back of the head, people will feel that regulation has increased the investment costs, would appear to relax .regulation calls. .And global regulators are also trying to help the crisis, to change this because of "bad memory" will bring "happiness." .</ P> <P> Banking Regulatory Commission for Discipline Inspection said Wang Huaqing, just as the economic crisis, regulatory reform has cycles. .Therefore, the best regulators after the crisis is not only able to make regulatory reform proposals, but more importantly is the ability to exercise restraint when the market began to rave and calm, ready to take a prudent, counter-cyclical regulatory measures. .</ P> <P> Wang Huaqing introduced the China Banking Regulatory Commission's counter-cyclical regulatory strategy, reverse cycle through these prudential measures to effectively constrain the expansion of commercial bank credit and short-term impulsive behavior, increased risk of the Chinese banking system resilience. .This experience makes the quality of China's banking sector's capital is not only the impact of the financial crisis intact, but also the best period in history. .</ P> <P> regulatory responsibility is the key </ P> <P> U.S. Assistant Secretary of the Treasury, said Marisa Lago, recently, the United States is about to pass a bill, plans to establish a Financial Stability Board of Overseers by .The United States is responsible for coordinating multiple financial services regulators. .The Council will be responsible for managing the U.S. Treasury. .This is interpreted by the market, the U.S. financial regulatory system will be separate supervision to return to uniform regulation. .</ P> <P> U.S. regulators that its complex, superimposed regulatory framework failed to effectively prevent the international financial crisis. .But in fact, a unified regulatory framework for the United Kingdom failed to perform better. .In this regard, Wang Huaqing said: "It's like the world is not a uniform model of corporate governance, as there is not a universal regulatory framework." </ P> <P> a International Monetary Fund .research reports indicate that the independence of regulatory bodies and sense of responsibility, not the regulatory framework, financial stability of a country plays a key role. .</ P> <P> Wang Huaqing said that China according to their stage of development, deepening of financial markets, and established separate operation, separate supervision, and regulatory cooperation under the framework of the main regulatory system. .Proved that this regulatory framework is in line with China's current stage of development of financial markets. .If the credit market and capital market to maintain the moderate isolation conducive to the occurrence of crisis prevention. .</ P> <P> regulatory cooperation to reduce regulatory arbitrage </ P> <P> G20 period, the leaders will further strengthen the global regulatory cooperation to exchange views in depth, the world is also looking forward to this. .For this problem, Quigley, CEO Deloitte Touche Tohmatsu noted that the recent financial crisis and debt crisis have amply demonstrated the close ties the global market, which also shows that the global financial cooperation, the importance of financial regulatory reform. .</ P> <P> Wang Huaqing said global cooperation in the regulation, the most critical problem is to cancel or substantially reduce, or eventually to abolish the regulatory arbitrage. .</ P> <P> director and CEO of the Tokyo Stock Exchange Group also endorsed Saito Tun Wang Huaqing point of view. .He hoped that the G20 can be through the establishment of a series of regulatory system to prevent arbitrage. .And he pointed out that each country should be wary of strengthening supervision of state capitalism quietly rising tide. .</ P> <P> U.S. management consulting firm Booz CEO Mr Banerji bluntly hope G20 will introduce some basic principles, to strengthen the regulatory arbitrage. .</ P> <P> "regulation is to ensure that financial institutions can correct, prudent operation, not just to comply with the appropriate rules", Australian Prudential Regulatory Commission, said the main 席约翰莱克 In addition, he noted that the "global .of financial reform will further strengthen the relationship between banks and investors to provide more financing mechanism to reassure the investors. We believe that the reform of global liquidity should be aware of the specific situation of some countries. " .</ P>.