Author: Huang Zihao
Source: Shanghai Securities Journal
Editor's Note: The original title was "Pang Gongsheng: The Overall Risk Level of Internet Finance Has Declined Largely"
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First, the overall risk level has dropped significantly, and incremental risks have been controlled. The number of online lending institutions in the business decreased from nearly 10,000 at the beginning of the remediation to less than 500. The business scale and the number of stakeholders have been significantly reduced, and the risks of employment have been significantly mitigated. A decisive move to crack down on speculative speculation in virtual currencies has avoided the risk of a large-scale virtual asset bubble. Resolutely rectifying campus loans, cash loans, and online currency exchanges have protected the people's property safety and effectively contained incremental risks.
The second is to reform while reforming, and gradually establish and improve the supervision system. The regulatory framework for non-bank payments, online lending, and Internet insurance has been basically established and continuously improved. Virtual currency trading platforms, token issuance and financing, unlicensed online asset management business, and Internet foreign exchange margin trading are explicitly prohibited to clear the bottom line. The construction of the Internet financial infrastructure was continuously promoted, and the network-linked company and Baixing's credit investigation successfully operated. The risk monitoring technology system of the China Internet Finance Association and the National Internet Emergency Response Center has been continuously improved.
Third, it has accumulated rich experience in the supervision of new financial activities, and explored an effective regulatory cooperation mechanism. In the past four years of rectification work, financial management departments, publicity departments, network telecommunications management departments, market supervision departments, judicial departments, and self-regulatory organizations have seamlessly connected, and central government departments and local governments have worked closely together to take the initiative and innovate working methods. Methods, explored a set of financial supervision ideas and methods adapted to the characteristics of new technologies.
These include adherence to the consistency, penetrability, and full coverage of financial supervision, grasping the key means of capital account monitoring and promotion marketing management, focusing on investor suitability and consumer rights protection, and fully cooperating with administrative management and self-regulatory management. These are all valuable assets for effective financial supervision in the future.