WU Xiaoqiu,XU Rong,SUN Sidong
Journal of Renmin University of China.
The rapid development of China's economy,the upgrading of industrial structure,the increasing demand for risk management and wealth management jointly determine that the modern financial system in line with China's situation in the future will be a marketbased financial systemIts basic characteristics are highly marketoriented,open,riskdispersion,scientific and technology support,and it can undertake the functions of payment and clearing,capital allocation across time and space,wealth management and financingIn the microstructure,an open and transparent capital markets with growth expectation will become an important cornerstone of the modern financial system;the foundation and environment on which commercial banks live will undergo great changes;the unimpeded money market is mainly responsible for liquidity management and forms the capital circulation system of the modern financial system together with commercial banksMeanwhile,the developed derivative market and mature foreign exchange market as important components can meet financial services demand of the real economyThe changes in the asset structure,risk structure and microstructure of the modern financial system will take new requirements on the mode,structure and focus of financial supervision