Fintech， with digitalization and datafication as its core， changes deductive logic in the areas of technology commercialization， big data analysis， machine learning and artificial intelligence. Main features of fintech include: closing the link between finance and technology， where highly automatic financial service can be realized via complicated arithmetic and big data; complex recognition and regulation of fintech subjects with distinct information asymmetry; absence of ″disintermediation″ in providing financial service; special consideration of compliance cost during regulation which， if high， might result in great pressure to fintech enterprises that bring subversive innovation; and greater risk containment compared to traditional financial industries. Meanwhile， fintech is also challenging the established logic of traditional financial regulationand alternating the traditional financial environment. Current financial regulation practices have shown a certain degree of inelasticity， which makes it hard to achieve a balance between stable markets， financial innovation and clear rules. Such inelasticity is primarily manifested in three aspects: the existence of redundant and restrictive regulations amongst the lack in regulations which provide incentives; prevailing mandatory regulations from government control within effective cooperative governance; and dependency on traditional regulatory tools in the absence of data-centered technical governance. Since fintech time is featured by multi-subject， cross-industry financial business， the coexistence of subversive innovation and systematic risk， the supervised often acquire more advantageous information so that they are clearer about the regulation key points and vulnerability， while government has shown limited strength in regulation resources and capacities. Moreover， the sole dependence on administrative subjects makes regulations unrealistic and expensive. Only with an attitude of inclusiveness (i.e. negotiating with， interactively learning from， and even sharing power with multiple subjects) can the regulator make more prospective regulatory measures from a greater point of view. As a result， adaptive reforms must be introduced to bring in cooperative governance of multi-subject， multi-rule and multi-mechanism. Subjects of cooperative governance include various non-governmental subjects. It emphasizes a ″new governance mode″ to achieve a balance between various subjects such as the state， market and society. Regarding specific modes of cooperative governance， key attention shall be attached to these two aspects: diversification of subjects(i.e. government authorities， enterprises and associations)， which means that every subject has its role to play so that mandatory control can be shifted to regulatory governance via interactive learning， feedback and timely adjustment to policies; and diversification of rules (i.e. not only law， but also instruction， contract and industrial standards). In conclusion， the shifts in financial regulatory approaches shall be considered as follows: the shift from single-subject regulation to multi-layered cooperative governance of various subjects, the shift from mandatory adversarial mode to interactive mode with decentralized cooperation， which would eventually form a cooperative governance structure with benign interaction between central government and local governments， administrative regulation and self-regulation. Regarding administrative regulation， an inclusive concept is realized via smart regulation with regulation policy made according to different developing stage of enterprise， and technical governance is realized via regulatory sandbox and regulatory technology. Besides， coordination mechanism for dual level regulation of central and local government shall be improved. Key attention is attached to regulation power and responsibility of local government and local legislation for division in power and responsibility and accountability of various government subjects. With respect to self-regulation， internal compliance of enterprise shall be emphasized and whistleblower mechanisms shall be built so that ″gatekeepers″ and competitors in the same industry can have access to the governance. Only in this way can the advantage of each party be stimulated during the interaction， where various subject speaks on their behalf， and problems in traditional regulation mode of single subjects， such as limited rationality， restricted cognition， delayed regulation and benefit conflict， can be avoided.