In the market context where financing is the sole demand,the innovation of China's financial market and products has shown an evolutionary characteristic mainly based on"regulatory arbitrage"since the reform and opening up,which has always faced criticism and challenges of being"reasonable"and"unreasonable".In terms of the current characteristics of financial regulation in China,there is an increasing emphasis on the"Looking-Through Regulation"of financial entities or behaviors under the guise of preventing systemic risks.However,if the characteristics of financial instruments themselves and the boundaries of financial regulation determined by them are ignored,arbitrary"looking-through"of financial instruments may not only be detrimental to the overall goal of effective regulation,but also stifle the driving force and foundation of financial markets to move forward according to their own laws.Overall,the"looking-through"of financial regulation should only be an auxiliary tool for achieving functional regulation rather than a primary means.A more scientific approach is to achieve"combined but different"functional regulation based on distinguishing and identifying"system risk"and"systemic risk".
NETL
NSTL
万方数据
