Research On The Implementation Path Of Sandbox Regulatory In China

In the new financial era in which financial science and technology bring explo sive development to the economy,the technology-driven characteristics of financial science and technology make the financial industry break through the original mode,and the traditional financial regulatory is difficult to continue to play its role in th e process of financial science and technology development.With the rapid develop ment of financial science and technology,higher requirements have been put forwar d for the regulatory.Therefore,it is urgent to study a new type of regulatory mode adapting to the development of financial science and technology.Sandbox regulator y,as an innovation of financial regulatory,can provide a new paradigm for financia l science and technology regulatory and break the regulatory deadlock,which deser ves in-depth study.This paper is divided into four parts:The first part is an overview of sandbox supervision.Firstly,the meaning of s andbox regulatory and its relationship with traditional regulatory are discussed;seco ndly,the characteristics of sandbox supervision compared with traditional financial r egulatory are analyzed,and the essence of sandbox regulatory is clarified through t he discussion that sandbox regulatory is a dynamic,inclusive and transitional regula tory;finally,the implementation path of sandbox regulatory is sorted out.The second part analyses the necessity and feasibility of sandbox regulatory in China.Firstly,it analyses the necessity of sandbox regulatory in China from three a spects: sandbox regulatory can adapt to the mixed operation characteristics of financ ial science and technology;secondly,it analyses the practical basis of sandbox regu latory in China from the ideological and operational logic of China's financial refor m pilot project;finally,it analyses the implementation of sandbox regulatory in Chi na from the legal and technical levels.Challenges faced by sandbox regulatory.The third part is to investigate and analyze the implementation path and effect of sandbox regulatory in representative countries and regions and its Enlightenment to China.Sandbox regulation originated in the United Kingdom,but it is not uniqu e to the United Kingdom.Singapore and other places are also introducing and testi ng sandbox regulatory,and preliminary show some results.This part first combs the implementation process and rule design of sandbox supervision in Britain,Singapor e and Hong Kong in the framework of sandbox test operation process;then explains the implementation progress of sandbox supervision in the above countries and re gions,aiming at preliminary analysis of the implementation effect of sandbox regula tory;finally,it discusses the Enlightenment of the implementation experience of san dbox regulatory in representative countries and regions to China.The fourth part is about the construction of the implementation path of sandbo x regulatory in China.The implementation path of sandbox regulatory in China star ts from four aspects: firstly,cultivating the innovative ideas and means of supervisi on required by the implementation of sandbox regulatory in China;secondly,establi shing the legal basis of sandbox regulatory,defining sandbox regulatory institutions,setting up the qualification standards of the subject and object of testing,and establ ishing the financial consumer protection mechanism.Establish the legal system of s andbox regulatory;thirdly,design the test process,follow the framework of test app lication stage,operation stage and exit stage;lastly,strengthen cross-border cooperat ion of sandbox regulatory.