Finance is the core of the entire economy and plays a vital role in the smooth operation of the economy. Therefore, this paper attempts to start from the regulatory agencies, regulatory laws and regulations to reveal why modern Chinese banks chose to take bank self-control and industrial organizations as the main starting points of risk prevention. Through the analysis of the changes of modern banking supervision system, this paper sorts out and summarizes the experience of risk prevention and control of modern banks, so as to provide a mirror for the current financial risk prevention. The study finds that, since the establishment of China Merchants Bank, although the supervision system has gone through a process from start-up to continuous supplementation, its supervision effect was relatively limited. In terms of supervision agencies, from the branch of the late Qing Dynasty to the Ministry of Finance of the Beiyang Government, then to the Financial Supervision Bureau and the Central Bank of the Nanjing National Government, the professionalization and refinement of supervision has experienced great progress. However, subject to the government’s guidance, its risk prevention and control objectives were greatly affected by the government’s will, and the supervision effect was difficult to guarantee. In terms of supervision laws, the overall legal system was gradually improved, but due to poor coercive power, the supervision effect was poor. Due to the unsatisfactory supervision system, commercial banks not only strengthened their own risk management construction, but also strengthened the construction of Bank Guild to deal with internal and external risks. With the establishment and strengthening of Bank Guild, it played an important role in supervision and management under the early weak government supervision system in modern China, and even led the supervision of the entire banking industry from the outside, and promoted the progress of government supervision. After the establishment of the Nanjing National Government, due to the officialization of banks, the government’s supervision of the banking industry continued to be strengthened. The entire supervisory system was gradually incorporated into the government’s leadership, and the supervisory role of Bank Guild was gradually weakened.

The contribution of this paper is mainly reflected in two aspects: Firstly, based on the relationship of government and Bank Guild, this paper explores the changes in the banking supervision system in modern China, and the relationship between government supervision and Bank Guild, sorting out the characteristics of the changes in the banking supervision system, as well as filling in the blank of relevant banking supervision system research. Secondly, we should learn from the past and learn from the experience and lessons in the changes of modern supervision system. The first is to clarify the supervisory body and maintain independent supervision; the second is to refine the system and strengthen the mandatory binding force; the third is to maintain the independence of the banking self-regulatory organization.