Improving the financial regulatory system is the institutional cornerstone for stabilizing expectations, strengthening confidence, and preventing risks, and serves as a key fulcrum for building China into a financial powerhouse, advancing Chinese modernization, and pursuing a path of financial development with Chinese characteristics. During the 14th Five-Year Plan period, important progress has been made in financial regulation: the restructuring of the institutional framework featuring “one committee, one central bank, one administration, and one commission” and a vertically integrated central-local regulatory system has been completed; macro-prudential and counter-cyclical policy tools have been refined; long-term governance mechanisms have been established for key areas such as platform economies, real estate, and local government financing vehicles; legal standards and information disclosure rules have been improved; and regtech development and the construction of data infrastructure have been advanced, together shaping a more centralized and unified regulatory landscape. At the same time, intensifying horizontal risk transmission and chain amplification, persistent regulatory fragmentation and blurred accountability, rapid fintech iteration and business convergence, increasingly volatile cross-border shocks, and shortages of high-calibre, multidisciplinary supervisory talent all raise the bar for regulatory capacity and governance efficiency. Looking to the 15th Five-Year Plan period, this paper argues that China should further improve its financial regulatory system with Chinese characteristics, implement full-coverage regulation that extends horizontally to all sectors and vertically to all levels, promote the integrated upgrading of digital-intelligent enablement and data governance, improve cross-border enforcement cooperation and crisis resolution mechanisms, and strengthen the training and rotation of high-calibre, multidisciplinary regulatory talent. The aim is to build a modern financial regulatory system that is coordinated and efficient, fully covered, and grounded in the rule of law, thereby contributing uniquely Chinese wisdom to the ongoing transformation of global financial regulation.