Research On Legal System Of Inclusive Finance:a Democratic Perspective

Since the United Nations proposed the goal of building an "inclusive financial sector",later translated into "Inclusive Finance",other world organizations began to pay close attention to and continue to promote it.Generally speaking,inclusive finance means that all the people who need financial services,especially the poor and the low-income people,are no longer marginalized,but become the legal customers of the national financial system,so that the diversified financial services can be delivered to the currently excluded people.The world financial crisis in 2008 highlighted the importance of finance for the stability of the financial system and the economic development of various countries.Inclusive Finance,previously as the main means of financial development of developing countries,was turned into an important concept and strategy for adjusting the financial structure,improving the financial market,and promoting the finance to better serve the real economy.It has gained unprecedented attention and promotion in many countries and regions around the world.In November 2013,the Third Plenary Session of the 18 th Central Committee of the CPC put forward the idea of "developing inclusive finance",which formally promoted Inclusive Finance as a national policy.On December 31,2015,the State Council issued the plan for promoting Inclusive Finance Development(2016—2020),which systematically,carefully and strictly deployed and planned the development of Inclusive Finance in China.Democracy is not a proper term in the political field.By examining and combing the Democracy in the theoretical field and its basic connotation,we can expand the traditional research and practice path of Democracy which is mainly limited to political democracy,and deeply affect democracy in various classes and fields of social and economic life.Historically,economic democracy,social democracy,international democracy and financial democracy have been widely applied.R.J.Shiller,the Nobel Prize winner in economics in 2013,put forward "Financial Democratization",which started from his 2003 publication "The New Financial Order: Risks in the 21 st Century".Since then,he has continued to promote and refine this concept through many works,gradually arousing the resonance of theorists and practice departments in the field of economy and finance in China.Inclusive Finance,as a new financial concept born from the development demand of "no one left behind",is largely consistent with the goal of Financial Democratization.The mutual agreement between Inclusive Finance and Financial Democratization has significantly deepened the theoretical basis of Inclusive Finance,which not only greatly promotes the construction and improvement of inclusive financial legal system,but also has significant reference for the reform of China's financial legal system.In this paper,Democracy and Financial Democratization are used to observe the Inclusive Finance promoted by many organizations,such as the United Nations,which has been deeply practiced in China,and to investigate the new practices of traditional financial inclusion and inclusive finance digital development under the conditions of technological innovation,such as the Internet.Based on these trends,we take Democracy and Financial Democratization as the reference to examine Inclusive Finance according to the system,and this paper discusses the current situation,problems and improvement of China's inclusive financial legal system,and explores the space for structural adjustment of the inclusive financial legal system.The main structure of this paper is as follows:The introduction part mainly combs the practice of Inclusive Finance from the international discourse system into China,as well as the theoretical development of Democracy and Financial Democratization,and takes this as the background to compare and study many kinds of literature of Inclusive Finance,Democracy and Financial Democracy,and puts forward the theoretical conception that Democracy,Financial Democratization and Inclusive Finance are closely related.This part also introduces the research methods of this paper,puts forward the main purpose of this study and possible innovations.Chapter ?,The Basic Theory of Inclusive Finance.This paper mainly studies the concept and development process of inclusive finance,discusses the correspondence between inclusive finance and financial exclusion,analyzes the connotation and changes of inclusive finance through comparison with several similar concepts such as microfinance,internet finance and financial corporate social responsibility,and puts forward the theoretical basis and conceptual characteristics of inclusive finance.Chapter ?,Financial Democratization: A New Research Approach.First of all,starting from the etymology analysis of democracy,taking the historical experience of democracy "expansion" as the background,this paper discusses the normative connotation,essence and core value of democracy from the political interpretation,value and limitation of democracy.Secondly,the paper puts forward the relationship between financial democracy and "abuse of financial power",and makes an in-depth analysis on the realistic performance of China's financial system,such as "financial disenchantment from the real to the virtual","financial weakness in rural area",and "financial vulnerable groups ".On this basis,it discusses the connotation,function and realization path of financial democratization,and puts forward a distinct point of view on how financial democratization can win the competition with other concepts such as financial justice.Chapter ?: The Democratic Space of Inclusive Finance.First of all,by analyzing the framework theory,this paper studies the mutual agreement between inclusive finance and financial democratization,puts forward the democratic dimension of inclusive finance and the concern that "excessive democracy" may harm inclusive finance.Secondly,it studies the impact of science and technology,democracy on the reform of inclusive financial system,and focuses on the importance of Fintech to the development of inclusive finance.Chapter ?: The Legal System of Inclusive Financial Subject.According to the perspective of financial democratization,this paper discusses the construction and improvement path of the legal system of inclusive financial subject from the perspective of the concept,content and legal norms of the general demanders of Inclusive Financial Services,such as financial consumers,small and micro enterprises,farmers and related economic organizations,as well as various providers of inclusive financial services represented by financial institutions.Chapter ?: The Legal System of Inclusive Financial Behavior.Starting from the contradiction between the demand and supply of inclusive financial services,this paper discusses the demand and dilemma of the innovation of inclusive financial products and services.Based on the special market mechanism of Inclusive finance,this paper puts forward the approach to the innovation of legal system of inclusive financial behavior from the perspective of democracy.At the same time,especially for the digital inclusive finance which is highly valued at home and abroad,the paper puts forward the direction of improving the legal system.Chapter ?: The Legal System of Inclusive Financial Environment.From the three aspects of infrastructure construction,supervision and legislation of Inclusive Finance,this paper studies the existing regulatory system,mechanism system and existing problems,and according to the internal requirements of financial democratization,puts forward the idea of building and improving the legal system of inclusive financial environment.Conclusion: Inclusive Finance and Moving Towards a "Good Society".Based on the current practice of inclusive finance,this paper puts forward the puzzle of insufficient sustainable development power of inclusive finance in China.In view of the positive impact of democracy and financial democratization on inclusive finance,it comprehensively puts forward the idea of deepening Inclusive Finance and forming a "good society".