How has the global financial crisis affected the Chinese financial system?

The financial system always involves risks, some risks could be solved by efficient risk management, but sometimes some new risks cannot be controlled for in the financial market, and this may lead to a financial crisis. The 2007-08 subprime mortgage financial crisis could be defined as one of the most worst global financial crisis since the 1929 Great Depression and it drove the international financial to shift to a new model. Even though the Chinese financial market is an emerging market, it plays an important role in international financial services. Hence, the global financial crisis could bring a good opportunity for the Chinese supervision to rethink the structure and regulation of the Chinese financial market