Research On The Legal System Of Internet Financial Credit System In China

In recent years,China has faced the highly rapid development of Internet finance.The development of modern information technologies such as social networking,search engine,mobile payment,cloud computing and big data has motivated the birth of many new models of financial services on Internet and has a great impact on the traditional banking model.On one hand,the Internet financial model will bring huge business opportunities and promote big changes in competition pattern of financial industry.On the other hand,the Internet financial model is helpful to improve the "financial inclusion".However,some problems come up with high speed development in Internet banking.First,Chinese Internet financial credit system lacks systematic and professional legal regulations.Second,regulatory bodies in Chinese Internet financial credit system are in confusion or even lost.Third,there's no law system of consumer rights protection in Internet finance industry.Fourth,there is obvious legal risk.Fifth,the developing speed of credit evaluation system of Chinese Internet finance is slow.It is urgent to find the intersection of Chinese Internet finance and credit as well as to establish Chinese Internet financial credit system.Here are suggestions to solve the five problems mentioned to refine the legal regulation of Chinese Internet financial credit system.First,perfect the system of laws and regulations,which guarantees the Internet financial credit system.From a macroscopic perspective,legislation can promote the construction of credit information sharing mechanism,which fundamentally solves the problem of the lack of laws and regulations on Internet financial credit system.From the perspective of the supervising subject,a perfect legal system of Internet financial supervision can reverse the confusion and the loss of Internet financial regulatory bodies.From the microscopic point of view,reinforcing the protection of consumer rights and interests of the legal system helps to balance vulnerable consumers and Internet financial institutions in the process of credit transaction.Second,improve social credit system to reduce the risk of Chinese Internet financial credit.We should promote the credit construction of Internet financial applications and services and the construction of credit education and credit culture to refine the operation mechanism of Internet finance credit system.Third,we should make efforts to realize the information sharing,improve the credit scoring mechanism and accelerate the construction and application of credit information system.