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ThecollapseofSiliconValleyBankintheUnitedStateslastFridayhassentshockwavesthroughtheglobalfinancialmarketsasinvestorsscrambletoweightheramificationsofthemeltdownofthelargestbanksincethe2008globalfinancialcrisis.

TheclosureofSignatureBankonSundayfurtherfueledpanicoverthefinancialhealthofthecountry"sbankingsystem,evenaftertheJoeBidenadministrationtookemergencymeasurestoguaranteedepositsatbothbanks,withmajorUSbankslosingaround$90billioninstockmarketvalueonMonday,bringingtheirlossoverthepastthreetradingsessionstonearly$190billion.ThefactthattheUShasagainbecomeasourceoffinancialrisksthatposeathreattotheglobaleconomywillinevitablydiminishitsleadershipcredibility.

ExpertshaveattributedSVB"scrashtoitsownmisjudgmentsandhighinflation.SVBloadeduponlong-termdebtsuchasTreasurybondsbettingonaprolongedperiodoflowinterest,onlytoseethevalueofthebondsdecreaseastheFederalReservekeptraisinginterestratestofighthighinflation.Newsaboutthehugelossesthebankhadsufferedeventuallycausedarunonthebank.

Yetratherthanexploringwaystoimprovepolicycoordinationandregulationrelatedtothebankingindustryandplugloopholestopreventapossiblefinancialcrisisinthefuture,politiciansinWashingtonarenowengagedinapolarizedblamegame,withDemocratsandRepublicanspointinganaccusingfingerateachotherforthebankingwoes.

DemocratsincludingBidenhimselfarguedthataDonaldTrump-erarollbackonbankoversightrulesunderminedthestabilityofregionalbanks,whileTrumpblamedBidenfor"abiggereconomiccollapsethantheGreatDepression".ThedeepeningbipartisandivisionhaspromptedCNNtobemoaninananalysisthat"America"sbiggestproblemisitspolitics,notitsbanks".

TheUS"bankingfailuresshouldserveasawake-upcallforChineseregulatorstotightensupervisionofthecountry"sfinancialsectorandimprovefinancialconsumerprotection,ataskthathasgainedasenseofurgencyafterseveralsmallvillagebanksinHenanandAnhuiprovinceswerecaughtcommittingfraudlastyear,leavingthemoneyofmanydepositorsfrozenformonths.

Inafirststeptowardthatdirection,areformplanapprovedbythecountry"stoplegislaturesuggestsanationalfinancialregulatoryadministrationistobesetuptostrengthenoversightofthefinancialindustry,withtheexceptionofthesecuritiessector.ThenewregulatorwillreplacethebankingandinsurancesectorwatchdogandbringsupervisionoftheindustryintoabodydirectlyundertheStateCouncil,China"sCabinet.Thatisexpectedtohelpimprovethesupervisionoffinancialinstitutionsandstrengthenconsumerprotection,pavingthewayforthecountry"shigh-qualitydevelopment.