At present，various localities are in the process of promulgating the “Regulations on Local Financial Supervision”，the central government have financial management rights，it is necessary to compact local financial risk disposal responsibility，and strengthen the central government’s accountability and guidance to local financial institutions. These need to build a local financial regulatory coordination mechanism that meets many of the above requirements. This paper starts with the function of the local financial supervision and coordination mechanism，basing on the experience of foreign countries，carefully analyzes the factors involved in the coordination mechanism and puts forward suggestions.