Study On Legal Regulation Of P2P Network Lending In China

P2P network lending is a new type of private lending model developed on Internet technology.Compared with traditional lending methods,P2 P network lending is more convenient and more flexibility.P2 P network lending has been developing for more than ten years in China.Relying on the national political support,P2 P network lending has become an indispensable force to promote the financial and economic development of our country.The development of new things will inevitably require the guidance and standardization of laws and regulations.Since 2010,China has continuously introduced the regulations of P2 P network lending.However,in the process of implementation,it lacks the maneuverability and systematicness.The behaviors of platform escaping and illegal fund-raising are still repeatedly emerged,which are violating the bottom line of the law,but also seriously affecting the development of the Internet financial economy.By consulting the relevant information of P2 P network lending,this paper firstly clarifies the characteristics,legal risk,legal status and the legal relationship between the participants of the network lending platform.P2 P network lending platform is an information service intermediary institution in China.Because of its flexible,convenient and its benefits are relatively high,more and more people choose to use it.This paper analyzes four legal relationships including lenders and lenders,borrowers and intermediary platforms,lenders and third-party payment platforms and guarantee agencies and lending platforms.It aims to analyze objective risks in the process of P2 P network lending,including the risk of credit risk,bad debts,self-financing,illegal crowdfunding and personal users' information security.Then it streamlines the current P2 P network lending regulatory legal system in China,including more than a dozen regulatory laws and regulations that have been issued since 2011,and research the existing regulatory measures in China.This paper also analyzes the issues related to legislation and make a detailed statement.At present,regulations are not systematic enough,and the industry access system is too loose.The industry self-regulatory system is not perfect and the market-led credit information system is lacking.In addition,the macro-level regulatory measures is lack in China.And summarizes foreign P2 P network lending regulatory system regulations,comprehensive analyzes the advantages and disadvantages of the relevant legal systems at home and abroad.Though analyzing the difference of legal system between China and the foreign country,this article believes that the differences between China and foreign countries are mainly focused on regulatory agencies,regulatory laws,industry self-regulation associations,credit systems,and risk prevention and control.Regarding the improvement of the legal system for the lending supervision of P2 P networks in China,this paper believes that it can start from five aspects.First,we must formulate specific regulatory laws and regulations,clarify the access mechanism and legal responsibilities of the online lending platform,and fix specific regulations in the form of judicial interpretation.Second,we could establish a market-oriented personal credit management system and provide legal protection for privacy protection.In the area of information disclosure,a unified and strict disclosure standard must be established,the calculation standard of the fixed platform disclosure data must be established,and the evaluation rules of the law firm must be refinedment.Establishing a unified industry self-discipline association and refining the association's regulations is important,and we must restrict membership qualifications with a strict membership access system.In addition,we can try to build a monitoring system for risk prevention by big data,and use scientific calculation methods to monitor and forecast changes in the online lending industry and prevent risks before the advent of risk.