The overall development idea of the dynamic comprehensive supervision mode of fund market can be summarized as follows: based on the legal system construction, establish a unified and authoritative investment fund market management institution, provide macro guidance and coordinated management for the development process of fund market, and establish and improve fund industry organizations and their corresponding self-regulatory institutions to ensure the sustained, stable and orderly development of investment fund market. The guiding ideology of this idea is "Trinity, Collaborative Supervision". "Trinity" refers to the comprehensive consideration of three supervision methods at the same time. One is to regulate the behavior of fund enterprises in the market by formulating laws and regulations, so that enterprises can conduct self-discipline supervision under legal constraints; The second is administrative supervision, that is, through the establishment of authoritative and unified national investment fund market management institutions, on behalf of the government to supervise, inspect, guide and control the development of the fund market; Third, through the establishment and improvement of industry self-discipline mechanism, fund industry organizations and associations conduct self-discipline supervision. The so-called "collaborative supervision" refers to properly handling and dividing the scope and focus of government management, industry self-discipline and enterprise self-management in the development process of investment fund market, avoiding dislocation or omission in supervision, and coordinating macro-goals and micro-goals, and coordinating short-term goals and long-term goals. In practice, how should the supervision system of China investment fund market be established? The author believes that we can start from the following aspects:

1. Give full play to the regulatory function of the government. Judging from the development of investment fund markets around the world, the competent departments of funds in various countries are generally gradually handed over to the securities regulatory agencies by the central bank or the Ministry of Finance. At present, under the form of multi-head management of investment funds in China, the primary task of giving play to the government's supervision function is to conform to the international development trend and determine the competent authorities of investment funds in China. That is, unified and centralized management by the State Investment Fund Management Committee. This committee is composed of experts from existing management departments (People's Bank of China, CSRC, CSRC, etc.). ), but also the highest authority of the national investment fund market management. Its main responsibilities are: to formulate relevant laws and policies on investment fund management; Design the overall development plan of the investment fund market; Supervise the implementation of fund laws and regulations, adjust the total amount or structure of fund issuance flow and stock according to the national industrial policy, guide the investment fund market to rationally allocate social resources, effectively protect the legitimate rights and interests of investors, and regulate institutional investors. The establishment of China Investment Fund Management Committee means the transfer of power of various management departments, and a "buffer" transitional measure must be considered. In order to prevent the power vacuum during the transition period, which leads to the disorder of the investment fund market, we can consider applying for the establishment of funds and supervising the separate management of fund listing. The former is approved by the People's Bank of China, and a secondary approval system for the head office and regional branches is established according to the scale or nature of funds; The latter, led by the People's Bank of China, together with the CSRC and the CSRC, set up a special institution under the securities regulatory agency, namely "China Investment Fund Management Committee" to specifically supervise the domestic investment fund market. Its responsibilities: first, to formulate the standards or conditions for the listing of funds; The second is to arrange fund trading places to form a unified fund trading market; Third, examine and approve fund listing applications to ensure the quality of listed funds; Fourth, whether the regulatory actions comply with the provisions of relevant documents and whether relevant information is published in a timely manner; The fifth is to punish violations.

2, the preparation of investment fund industry self-regulatory organizations. With the development of the securities market, it is necessary to choose those successful fund management companies as the main force, build "China Investment Fund Management Association", and learn from Hongkong's experience to implement membership system in organizational form. Full membership is attended by local fund management companies. Their tasks are: first, to formulate the business code for investment funds in China; The second is to promote fund business and expand the domestic fund market; The third is to supervise the daily activities of the fund and standardize it; The fourth is to publish professional journals of fund management; Fifth, training fund practitioners; Sixth, arbitration of fund disputes; Seventh, maintain and establish a good social reputation of the fund industry.

3. Establish an investment fund evaluation institution. With the rapid development of investment fund market scale (absolute scale and relative scale), it is particularly important to establish a unified national fund evaluation institution. Asset evaluation is conducive to clarifying the relationship between enterprise property rights, strengthening the management of investment companies, reasonably compensating assets, optimizing the company's asset structure, protecting state-owned assets and safeguarding the legitimate rights and interests of all parties to investment fund transactions.

4. Establish various rules and regulations. By establishing credit rating system, information disclosure system and evaluation system of managers and custodians, the investment fund market can be supervised from different aspects. The first is to establish a credit rating system. According to the risk degree of different investment funds, the credit rating of investment funds is simulated by bond rating method. Credit rating mainly depends on the fund's operating performance, investment policies and objectives. The manager's professional level and the income and risk of securities investment. It not only provides an objective basis for the CSRC to supervise the investment fund market, but also provides a reliable guarantee for investors to invest rationally. The second is to establish a standardized information disclosure system. Like the information disclosure system of listed companies, fund management companies must fulfill their information disclosure obligations, including various statements, investment scale, investment direction, expected returns, and disclosure of major events. The third is to establish an evaluation system for managers and custodians. Juries composed of investors, industry associations and securities regulatory authorities regularly review and announce them to the public in order to praise the advanced and strengthen the sense of responsibility and mission of all parties in custody.

5. Improve the social supervision mechanism of investment fund market. Foreign experience has proved that a perfect social supervision mechanism of investment fund market is a necessary guarantee for the healthy development of investment fund market. First of all, investors should be used to supervise the fund market externally. Secondly, establish a perfect investment fund evaluation system. Including the establishment of a unified national fund evaluation agency and the establishment of a fund professional journal.