Pan Helin, China Academy of Fiscal Science: At present, China's regulatory sandbox is dominated by blockchain enterprises concentrated industrial parks, and should be avoided as an administrative product.

On August 1st, the Economic Daily published the post of Dr. Pan and Lin of the Applied Economics of the China Academy of Fiscal Science, “Innovative Supervision Model “Regulatory Sandbox” to Promote Financial Technology Development”. The article pointed out that recently, Li Wei, director of the Science and Technology Department of the People's Bank of China, revealed the latest regulatory trends in China's financial technology field at the 4th Global Financial Technology (Beijing) Summit, including 10 in Beijing, Shanghai and Guangzhou. The provinces and municipalities will carry out pilot projects in the application of financial technology and explore the regulatory sandbox in line with China's national conditions. At present, several pilot cities are mainly based on the centralized industrial parks of blockchain enterprises. There are not many types of enterprises attracted, and there is also a lack of interconnection and interoperability mechanism. The industrial layout is relatively simple and there are not many innovations. Efforts should be made to avoid the supervision of the sandbox as an administrative product of non-market forces such as the government. The competent authorities should clarify the threshold for enterprises to enter the market, improve the success of marketization, strengthen the innovation genes, and ensure the innovation and freedom of the regulatory sandbox.