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As the annual report of the Research Center for Financial Laws and Regulations（FLR），Annual Report on China’s Financial Supervision and Regulation（2021） seeks to reflect the current status，development and reform progress of China’s financial supervision and regulation in a systematic，comprehensive，persistent and authoritative manner. Under the principle of “factually recording，objectively reviewing，and comprehensively analyzing”，we hope that this report can provide reliable and useful references for financial institutions，academic researchers，and regulatory authorities.

The Report 2021 consists of three parts：General Reports，Sub-Reports，and Special Topics. The first general report includes Market Competition，Regulatory Challenges and Policy Responses of Large Internet Platforms which systematically analyzes the market competition，regulatory challenges of large-sacle internet platforms，establishes a research framework on market competition，regulatory challenges and policy responses of large-scale internet platforms，and puts forward some core views，contributing to the future in depth research and policy-making of regulatory agencies.

The second general report is China’s Financial Supervision and Regulation：Developments in 2020，which reviews the major reform and policy issues of China’s financial supervision and regulation in 2020 and gives an outlook of 2021. The sub-reports provide the details of development in regulation of banking，securities，insurance，trust and foreign exchanges. The Special Topics part delivers deeper analysis on selected important issues on China’s financial supervision and regulation，including the modern central bank system，the revision of Commercial Bank Law，the validity of the insurance asset management contract，local financial supervision system，virtual assets supervision，the development and regulation of financial holding companies，China high-grade SOE credit bonds default risk，supply chain finance，digital consumer finance，an event study on the default of personal account crude oil product of bank of China，sandbox for fintech in India，and deposit insurance.