In this year’s communique on the Chinese Central Economic Conference, it is again clear that China should actively and steadily push forward the reform of the financial supervision system. Anbound research team believes that emerging financial risks is a warning of the current financial regulatory lag. For the future financial regulatory system reform, there is the need to pay attention to several issues. First, the financial regulatory system reform is part of the supply side structural reform. Second, there is the need of changing way of thinking for the future financial regulation, and restraining risks through reform and strengthening the management, changing from the passive and defensive measures to the proactive reform and breakthrough measures. Third, both the local government and commercial banks should not use risks as an excuse to "blackmail" the Central Bank, forcing the Central Bank to inject the currency. Fourth, based on market-oriented financial supervision and financial governance, institutionalized reform should be executed to improve the system and policies to form long-term mechanism.