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By Li Jianwei　

Date: 2001/12/17

--Series No.4 research report on financial reform and security

Abstract:　

Financial business innovation has resulted in a radical change in the financial market structure, promoted the development of financial organizations towards globalization, all-roundness and conglomeration, and caused the financial regulatory system to switch from division regulation towards mixed and functional regulations. Financial innovation in China has been relatively backward. But the overall opening of the financial sector after the WTO accession will usher in an upsurge in China's financial innovation and pose a serious challenge to the financial regulatory system in China.