Strengthening financial regulation is a focal point of China's current financial work.As a key part of China's financial regulatory sys-tem,the importance of macro-prudential regulation is increasingly prominent against the backdrop of an increasingly complex financial market.This paper elucidates the historical evolution and current situation of China's macro-prudential regulatory system construction,focusing on the challenges faced by macro-prudential regulation today:diffi-culties in identifying systemic risks,spaces for improvement in regulatory tools and scope,and the need for enhanced external governance mechanisms.Furthermore,this paper discusses international experiences in macro-prudential regulation,offering insights for the perfection of China's macro-pruden-tial regulatory system.Hence,China should adhere to a'dual-pillar'regulatory framework,setting reasonable capital requirements for banks of different sizes,and actively expanding regulatory tools and their scope.It is important to enhance the whole-process governance mechanism of macro-prudential regulation and place a high value on international reciprocal cooperation in this area,to firmly guard against systemic financial risks.
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