In 2007，rule of law in finance and banking made great progress in financial markets，institutions and products，and routine financial supervision.This was achieved through a set of reforms，which included enacting property law，amending the “Exchange Management Regulations”，adjusting and relaxing financial institutions in rural areas of market access，improving corporate bond issue，the trading system，and refining regulatory rules.This essay made the following suggestions：（1）to speed up the establishment of the deposit insurance system，and to set up relative deposit insurance agencies；（2）to speed up the establishment of market withdrawal mechanism，and to regulate private funds and industry funds，（3）to realize a transformation in financial innovation from backing up by the regulatory agencies to financial institutions；（4）to establish institutionalized coordination of financial supervision mechanism，and to strengthen financial supervision and coordination.