In order to strengthen the overall supervision of financial infrastructure and establish a safe and efficient financial infrastructure system, the People's Bank of China and the China Securities Regulatory Commission recently issued the Measures for the Supervision and Administration of Financial Infrastructure, which came into effect on October 1 this year. Financial infrastructure refers to financial asset registration and custody systems, clearing and settlement systems (including central counterparties engaged in centralized clearing business), trading facilities, trading report repositories, important payment systems, and basic credit reporting systems. After years of construction, China has gradually formed a financial infrastructure system that provides support for financial market trading activities such as currency, securities, funds, and foreign exchange, with relatively complete functions and overall stable operation. Tian Lihui, a finance professor at Nankai University, believes that the complexity and openness of China's financial system have significantly increased, and there is an urgent need to establish a unified and efficient regulatory framework. The promulgation of the Measures has filled the institutional gap in the supervision of financial infrastructure, by clarifying the regulatory subjects, standards, and processes, strengthening overall supervision, and preventing systemic risks. Specifically, the Measures consist of 6 chapters and 37 articles, focusing on the supervision of financial infrastructure business, improving institutional rules for financial infrastructure operation, risk management, corporate governance, etc., clarifying the criteria for identifying systemically important financial infrastructure and macro prudential management requirements, improving regulatory provisions for financial infrastructure inspection, punishment, recovery and disposal, withdrawal, etc., achieving unified regulatory standards for financial infrastructure, and providing basic guarantees for the safe, stable and efficient operation of financial markets. Previously, the regulation of China's financial infrastructure was scattered across different departments with varying rules. For the first time, the Measures include six types of financial infrastructure in a unified regulatory framework, clarify regulatory division of labor and responsibilities, and strengthen supervision from risk management, corporate governance, operational requirements, and other aspects. ”Dong Ximiao, Chief Researcher of the China Merchants Association, believes that this is an important measure for improving China's financial regulatory system, which helps to build a unified, secure, and efficient regulatory framework for financial infrastructure, ensure the safe and efficient operation of financial infrastructure, and improve the quality and efficiency of financial services for the real economy. Dong Ximiao stated that the "Measures" first proposed the concept of "systemically important financial infrastructure" and clarified its identification criteria. On the basis of maintaining the current regulatory system under the supervision of the financial regulatory department of the State Council, it is clear that the People's Bank of China is responsible for macro prudential management, so as to strengthen the centralized and unified supervision of systemically important financial infrastructure and better maintain the operation of financial infrastructure and the stability of the financial system. The implementation of policies will have a positive impact on the financial market. Tian Lihui believes that in the short term, it will promote the standardization and upgrading of core processes such as clearing and settlement, registration and custody, and enhance market transparency and efficiency. In the long run, providing technical support for cross-border financial cooperation and RMB internationalization through a "reasonably laid out and effectively governed" infrastructure system will enhance China's voice in global financial rule making. Financial infrastructure operating institutions also need to operate with licenses. Dong Ximiao stated that in recent years, there have been frequent occurrences of illegal and irregular activities using the name of financial infrastructure. Therefore, the Measures emphasize that no unit or individual shall illegally establish and operate financial infrastructure, provide or indirectly provide financial infrastructure related services, or illegally use names related to financial infrastructure services or similar names such as "exchange", "trading center", "registration", "clearing", "settlement", "payment", "custody", "custody", "transaction report", etc. At the regulatory level, multiple departments are working together to continuously optimize and improve the construction of the rule system. ”Tian Lihui stated that the "Measures" clarify the detailed rules and regulations for the entire process from institutional admission, daily operation to supervision and management. In the qualification review process of newly established institutions, efforts are made to ensure the compliance and stability of financial infrastructure operation. It can be said that this is a result of regulatory coordination, and the supervision of financial infrastructure is included in the macro prudential regulatory framework. The Measures not only respond to the upgrading needs of financial infrastructure in the digital economy era, but also provide institutional foundations for preventing and resolving major financial risks. Its implementation will inject a safety gene into high-quality economic development. The relevant person in charge of the People's Bank of China said that in the next step, it will continue to strengthen the construction of financial infrastructure and overall supervision, promote the formation of a financial infrastructure system with reasonable layout, effective governance, advanced, reliable and flexible, and help build a financial power. (New Society)