The State Council's institutional reform plan (hereinafter referred to as the "plan") submitted to the NPC deputies for deliberation has 13 reform measures. Xiao Jie, Secretary-General of the State Council, mentioned in his statement of the plan that this round of reform is aimed at strengthening the optimization and adjustment of institutional responsibilities in key areas such as science and technology, financial regulation, data management, rural revitalization, intellectual property, and aging work, transforming government functions, and accelerating the construction of a law-based government. This is the ninth round of institutional reform of the State Council since the reform and opening up. It is noteworthy that 6 of the 13 reforms are directly related to financial supervision, including the establishment of the State Financial Supervision and Administration, the deepening of the reform of the local financial supervision system, the adjustment of the China Securities Regulatory Commission to an institution directly under the State Council, the overall promotion of the reform of the branches of the People's Bank of China, the improvement of the state-owned financial capital management system, and the strengthening of the unified and standardized management of the staff of the financial management department. Tian Xuan, deputy to the National People's Congress and deputy dean of the Wudaokou School of Finance of Tsinghua University, said in an interview with the reporter of China Youth Daily and China Youth Network that a series of adjustments and changes in financial supervision in this institutional reform are the embodiment of strengthening the centralized and unified leadership of the Party on financial work, and also the internal requirements for building a unified and open, competitive and orderly market system and accelerating the construction of a unified national market. Put an end to the regulatory vacuum and serve the functions of the State Financial Supervision and Administration in relation to the real economy. The plan mentions "strengthening institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision". Tian Xuan said that with the increasing integration of modern technology and the financial industry, major changes have taken place in the financial format, risk pattern, transmission path and security boundary; At the same time, as the uncertainty of the international situation increases, the financial risk situation also presents the characteristics of complex and severe, new and old problems intertwined and overlapping. It is necessary to adjust, form and improve the financial regulatory mechanism that is more suitable for the current development pattern, and continue to strengthen the financial risk prevention and control capability while improving the impetus of financial development. He further explained that objectively, there are a series of supply and demand mismatches between the main institutional mechanism of China's financial supervision and the current high-quality development pattern, which are mainly reflected in the lagging supervision and lack of foresight; In the face of problems, there is no effective guidance and there is not enough room for market game; The policy implementation is flexible and the rules are unclear. He believed that by strengthening the coordination of financial integration, preventing the regulatory vacuum caused by the fragmentation of the regulatory authorities, and eliminating regulatory arbitrage, it can help finance steadily promote supply-side structural reform, and enable finance to serve the development of the real economy with higher quality. The State Financial Supervision and Administration, which is to be set up to form a joint regulatory force to protect investors, will be responsible for the supervision of the financial industry in addition to the securities industry and the overall protection of the rights and interests of financial consumers. Tian Xuan analyzed that with the gradual deepening of mixed operation, the concealment and intersection of financial risks have been significantly enhanced, and the extension of the financial industry has also been continuously extended, especially the formation of mixed operation of other industries and the financial industry, the most important of which is the financial holding company as a product of the integration of financial capital and industrial capital. For a period of time, financial holding companies have participated in a large number of institutions with complex businesses and high relevance