Research on China's Shadow Banking Regulatory Issues under the New Development Pattern of Dual Circulation
（1.National Academy of Economic Strategy，CASS，Beijing 100028，China；2.Chinese Academy of Social Sciences Evaluation
Studies，Beijing 100732，China）
Abstract：As the beneficial complement of formal financial system，shadow banking system is the effective channel for us to develop direct finance；and we should not ignore the role it plays in promoting the construction ofthe new development patternof dual circulation. At present，comparing to other main economic entities，the proportion of China’s shadow banking system asset in GDP is low，and there is more development space for it in the future. However，China’s shadow banking has long been in a regulatory blind zone，the traditional supervision system cannot exercise timely and effective supervision，which not only has seriously threatened the security and stability of China's financial system，but also is not beneficial for the construction of the new development pattern of dual circulation. The dual circulation in the financial industry increases the negative impact brought by the fuzzy legal relation，worsens the hindered circulation of financial resources that is brought by rigid payment， increases the unstable factors in the financial system that is brought by the lack of supervision，and leads to the highlighted problem of the lack of supervision on the shadow banking system in China. The shadow banking system is the important sources of financial systematic risk. Though we have established the supervision system taking CBRC as the main body，drawbacks brought by the decentralized management is very obvious. To give play to the positive role of shadow banking system，and boost the construction of China’s new development pattern of dual circulation，we should start from the top level to design the effective supervision system，and avoid risk that would be brought by the shadow banking system. Specially speaking，first，we should establish a scientific and comprehensive statistical system to control the financial resources in domestic and international circulation；second，we should establish and perfect the standardized and effective management structure to prevent financial risksin domestic and international circulation；third，we should actively participate in the formulation of international rules to achieve the comprehensive domestic and international rules integration and the connection of that；and fourth，we should introduce a regulatory negative list system to balance the protection of financial innovation and the prevention of financial risks.
Key words：dual circulation new development pattern；financial domestic and international circulation；shadow banking； systematic risks；the lack of supervision