Adviser calls for better financial regulation

A Shanghai legislator has called for better regulation on financial irregularities.

The number of financial irregularity cases increased in the past two years, with some involving more than 10 billion yuan (US$1.4 billion) and posing a serious threat to financial security and social stability, according to a deputy to the Shanghai People's Congress, Yang Jun.

Imperfections still exist in the system of financial regulation, Yang said. For instance, the respective role of major government departments, especially concerning financial supervision, is still not clear enough.

Yang suggested further strengthening the administrative supervision in the financial sector, speeding up formulation and implementation of more local regulations, and clarifying the regulatory bodies and measures.

Yang suggested speeding up local regulation and clarification of the division of duties among regulatory bodies.

Yang also appealed for data sharing among local financial supervision departments, the Shanghai Office of the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission, as well as judiciary authorities, so they can extract key data and information and analyse cases in real time.