Status Quo of Local Financial Legislations and Their Perfection

Local financial legislation is an important constituent part in local legislation. Local financial legislation adjusts and standardizes the activities of the financial regulation in the form of local legislation. Since the establishment of reform and opening-up policy, financial legislation in China has been developing rapidly, with local financial legislation particularly prominent. Cities such as Shanghai, Wenzhou and Quanzhou took the lead in the innovation of local financial legislation, playing a promoting role in the local financial legislation in China. However, there are some problems in similar practices in Hunan, Sichuan and other inland provinces. The perfection of local financial legislation should be done from the following aspects: establishing local financial legislation right on the basis of State and local legislative authorities; strengthening the innovation in local financial legislation; and building up an orderly financial supervision system.