Editorial: Strong Institutions Key to Preventing ‘Regulatory Capture’
Dismantling a system that allows “regulatory capture” has become a major challenge facing financial regulators. As the cover story of last week’s Caixin magazine reported, regulating the financial industry and even controlling graft — which has become systemic — requires fixing flawed institutional structures, not just thwarting corrupt individuals. The financial industry must urgently persist in market-oriented reforms while improving and strengthening supervision. If a correct direction is found, strong supervision will not conflict with reform — it will be a natural part of reform.
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