On March 10, the first session of the 14th National People's Congress approved the institutional reform plan of the State Council, marking that a new round of institutional reform of the State Council has entered the implementation stage. According to the deployment, this reform will strengthen the optimization and adjustment of institutional responsibilities in key areas such as science and technology, financial supervision, data management, rural revitalization, intellectual property, and aging work. Among them, improving financial supervision is a "big game", including the establishment of the State Financial Supervision and Administration, deepening the reform of local financial supervision system, the adjustment of the China Securities Regulatory Commission to a directly affiliated institution of the State Council, and the overall promotion of the reform of the branches of the People's Bank of China. In general, these adjustments will strengthen the coordination and unity of financial supervision, better prevent systemic risks, and promote finance to serve the real economy with higher quality. The new pattern of financial supervision has been formed. According to the reform plan, the State Financial Supervision and Administration Commission has been established on the basis of the China Banking and Insurance Regulatory Commission, which is responsible for the supervision of the financial industry except the securities industry. The China Banking and Insurance Regulatory Commission will no longer be retained. After the reform, China's financial supervision pattern will enter a new era. Remarkably, after the reform, the supervision of the indirect financial sector no longer emphasizes the separation of industries, but more highlights the integrity and systematicness. The two major systems of direct finance and indirect finance are respectively in the charge of the two major regulatory bodies, which achieve full coverage respectively, and the division of regulatory functions is more clear and centralized. "After the establishment of the State Administration of Financial Supervision and Regulation, all the supervision responsibilities of the financial industry other than the securities industry will be centralized to the State Administration of Financial Supervision and Regulation, which will make up for the regulatory weaknesses caused by the former CBRC and the CSRC, which are institutions directly under the State Council, lack of law enforcement capacity and overlapping functions." Tian Xuan, deputy dean of the Wudaokou School of Finance of Tsinghua University, said in an interview with the reporter of Securities Daily, Such an arrangement can effectively avoid the problems of multiple supervision, regulatory vacuum and even regulatory arbitrage among different levels and departments in the past. It is of great significance to strengthen the overall coordination and unified supervision of financial work. Mingming, the chief economist of CITIC Securities, believed in an interview with the reporter of Securities Daily that this adjustment has strengthened the overall coordination of financial supervision. The adjusted division of responsibilities can not only streamline the work of the government, but also focus on the areas of responsibility of the regulators to better promote the development of the market. It can also improve the effectiveness of supervision, solve the problem of regulatory vacuum and overlap, and prevent systemic risks in the event of market failure, It is conducive to the healthy, stable and sustainable development of the financial system. According to the reform plan, the People's Bank of China's daily supervision responsibilities for financial holding companies and other financial groups, as well as the related financial consumer protection responsibilities, were assigned to the State Financial Supervision and Administration. "The People's Bank of China stripped the supervision of financial holding companies and the protection of the rights and interests of financial consumers, and reformed and improved the branch system at the same time, which will help accelerate the construction of a modern central bank system," Tian Xuan said. In addition, the plan proposes that the China Securities Regulatory Commission will be adjusted from the institutions directly under the State Council to the institutions directly under the State Council. Zhao Xijun, co-president of the China Capital Market Research Institute of Renmin University of China, told the Securities Daily that the CSRC is a capital market that has been adjusted from a public institution directly under the State Council to an institution directly under the State Council