Great progress has been made in the reform of the financial regulation system of China in 2018. The establishment of the Banking and Insurance Regulatory Commission has transformed the financial regulatory structure from “One Bank and Three Commissions” to “One committee，One Bank and Two Commissions”. With strong regulation of asset management programs，liquidity of commercial banks，systemically important financial institutions，systematic financial risk threat has been partly alleviated. Deepening the construction of comprehensive financial statistics system will provide basic support for effective supervision. The pilot projects of Science and Technology Innovation Board and registration system mark a new era for the construction of multi-level capital market and the optimization of financial system structure. In 2019，the core logic of financial supervision will be transformed from total deleveraging to structural deleveraging，and many regulation mechanisms will be structurally optimized.