| With its own characteristics and advantages,China's private lending has been widely and long-term in the financial market.Because it bears the social investment and financing needs that formal finance can not meet,it has become a useful supplement to formal finance and an indispensable part of China's financial market.The existence of private lenders effectively improves the flexibility and adaptability of economic operation.It is the product of self-adjustment and adaptation of our financial system in the face of changeable market.Its existence and development are conducive to the formation of multi-level credit market in China.Non-absorbable deposit lenders refer to private borrowers who do not absorb public deposits and obtain capital through their own funds or other financing channels permitted by law and engage in profit-making activities.In the long-term practice of China's private financial market,the participants of this kind of lenders are diverse,including a large number of natural and non-legal organizations besides legal persons.Their forms are flexible and their scopes of application are very wide.The conditions of the amount of funds,the interest rate and the duration of lending are also very broad.They are the most common financing forms in economic life.Because it does not absorb public deposits and does not involve the safety of public deposits,the problems in its operation will not lead to further systemic risks.Therefore,compared with formal financial institutions,non-deposit lenders' regulation focus is not on preventing and controlling financial risks,but on maintaining and balancing the rights and interests of both lenders and borrowers,safeguarding fair market order,and activating the people.Inter-financial markets allow private capital to flow fully.However,there is a potential crisis behind the booming private lending market.Looking at the legal status quo of private lending in China,we can see that the legal norms of regulating private lending are scattered in laws and regulations at all levels,and there is a problem of unclear levels of effectiveness.Because of the lack of systematic and specialized laws to regulate and guide private lending activities,they can only grow barbarously.For borrowers,excessive liabilities and insolvency often occur,and the consequences of violent debt-raising are common;while lenders are faced with shortage of funds,high market access threshold,low social reputation and lack of professionals;judicial organs are also faced with difficulties,private lending cases are difficult to prove and execute,seriously affecting the judicial authority.Judicial authority;at the regulatory level,there are overlapping regulatory bodies,single strategies and imperfect credit reporting system.Faced with this situation,the Legal Office of the State Council issued the Regulations on Non-deposit Lending Organizations(Draft for Opinions)in August 2015.The publication of the draft also means that China is gradually improving the legislative procedures on non-deposit lending.However,from the content of the Regulations,we can see that the above problems have not been completely solved.How to further improve the legal system of private lending in China still needs to be further explored and studied.Many overseas countries and regions have enacted special lender laws.This paper attempts to draw on the mature lender laws and regulations of the United States,Japan,Singapore,South Africa,Hong Kong and other countries and regions,combined with the current situation of private lending in China,and adapt to local conditions,from the legislative concept,access threshold,lending interest rate,market regulation,exit mechanism and other aspects,To improve the Regulations,some suggestions are put forward in order to construct a legal system for non-deposit lenders that conforms to the national conditions of our country. |
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