Through the exploration and adaptation in practice then the top-level design in the 2017 National Financial Work Conference，the framework of local financial regulatory system，in which the Office of the Financial Stability and Development Committee under the State Council is responsible for coordination and inspection，the CBIRC and the CSRC are in charge of rule-making，the Local Financial Supervisory Bureaus（LFSB）of provincial governments carry out supervision，has been set up. The system demonstrates a high degree of coordination so that it will ensure the local financial regulatory activities be conducted from overall situation，be in compliance with unified rules，and be operated in a cooperative way. However，during the system’s operation，the problem of insufficient capacity of the LFSBs is emerging. Looking forward to furthering the system construction，the core task should be how to empower the local financial regulatory activities through legal system construction，regulation construction，informationization and establishment of central-local governments coordinate mechanism.