摘要： 完善央地监管协同是党的二十届三中全会提出的改革目标之一。在金融领域，当前的《金融法（草案）》尚未对此展开有效回应。在事实、权力、政策的三重实践逻辑下，我国形成了一种央地分权式的“地方金融”观念，而不论是从宪法、立法法还是行政法的维度考察，央地分权式的“地方金融”都无法证立。地方金融监管是在防范化解风险的目标下压实属地责任的中国特色权责配置模式，而地方金融组织是该模式下地方金融管理部门履职的对象。在国家机构改革前后，对地方金融组织的界定存在困境，《金融法（草案）》也未摆脱“列举 + 兜底”的僵化模式。对此，建议在后续立法中确立以“功能—风险—规模—监管依赖度”为要素的动态标准识别体系，授权国务院金融管理部门派出机构根据该体系实现与地方金融管理部门的柔性分工。

关键词: 金融法, 地方金融, 央地关系, 监管协同

Abstract: Improving the coordination between central and local regulatory authorities is one of the reform objectives proposed at the Third Plenary Session of the 20th Central Committee of the Communist Party of China, yet the Financial Law (Draft) has not yet effectively responded to this. Under the triple practical logics of facts, power, and policy, China has developed a decentralized “local finance” concept. However, whether viewed from the perspectives of the Constitution, the Legislative Law, or the Administrative Law, the decentralized “local finance” cannot be justified. Local financial regulation is a Chinese-style power and responsibility allocation model that emphasizes territorial responsibility under the goal of preventing and resolving risks, and local financial organizations are the targets of performance by local financial management departments under this model. Before and after the reform of state institutions, there have been difficulties in defining local financial organizations, and the Financial Law (Draft) has not yet escaped the rigid pattern of “enumeration + catch-all”. In response, it is suggested that a dynamic standard identification system based on “function-risk-scale-regulatory dependency” be established in subsequent legislation, authorizing the dispatched institutions of the State Council’s financial management departments to achieve flexible division of labor with local financial management departments according to this system.

Key words: financial law, local finance, central-local relations, regulatory coordination