Introduction

2019 marks the 70th anniversary of the founding of the People’s Republic of China. The financial development of China has gone through a journey of 70 years, experiencing two distinct periods. In the 30 years before the reform and opening up, China integrated the financial systems of the old and newly liberated areas on the basis of the revolutionary war period’s financial industry, establishing the financial system of China. Subsequently, to adapt to the needs of the social economic system, China quickly established a relatively single financial system with a focus on “managing funds”. In the 40 years since the reform and opening up, China’s financial sector has gradually shifted from “managing funds” to “regulating market”, forming a multi-level financial system centered around the People’s Bank of China. This system is characterized by comprehensive functions, diverse forms, division of labor, cooperation, and complementarity. It has achieved remarkable results in utilizing macro-financial regulation to promote more than 30 years of high-speed economic growth in China, often referred to as a “miracle”. In terms of current economic structural adjustments and transformations, the “Internet+” model led by internet finance has undoubtedly triggered the “Catfish Effect” in China’s economic development. The financial sector has witnessed a surge of innovation, and certain branches are beginning to surpass international standards.