Research On Government Regulation Of P2P Network Loan Platform In China

As an important supplement to traditional financing channels and an important part of Internet finance,P2P network lending platform has developed rapidly in the short term since its establishment.At the same time,due to the lack of effective supervision,the industry has also erupted many vicious incidents such as default running,which not only damages the interests of investors,but also causes social instability,and affects the healthy development of the entire industry and the stability of financial order.Risk incidents of P2P network lending platform frequently expose the problem of lack of supervision.In view of these problems,China has issued a series of laws and regulations,and also carried out supervision practice,which has achieved certain results,but also exposed many problems of inadequate supervision.This thesis includes a review on the historical development of P2P network lending supervision in various countries from the perspective of government supervision and the problems existing in China market.Through literature review,analysis of problems existing in domestic market and a special reference on British and American advanced managerial experience,this thesis lists some suggestions aiming at improving the quality of the supervision on financial sector in China as follows:Develop an entry and exit mechanisms,improve information disclosure system,build a credit reporting system,and introduce third-party custody to improve the regulatory system in terms of laws and regulations for P2P by defining P2P platform positioning,clearing the regulatory body,and coordinating the relationship between the central and local governments.The self-discipline of the P2P industry associations can also make up for the inadequacies of government regulation.The innovation point of the article is that it points out the importance of clarifying the different positioning of information brokers and credit intermediaries as well as the significance of regulating them in different ways.The article further elaborates on the necessity of clearing the regulatory body of the P2P industry in China.China Banking Regulatory Commission(CBRC)and China Insurance Regulatory Commission(CSRC)are responsible for the coordination,whereas the local financial supervision department is responsible for administrative supervision so that the financial supervision is transformed into a dual leadership system.At the same time,a stable communication mechanism should be established at all levels of management to coordinate the relationship between the central and lOcal governments.Only in this way,the supervision and guidance function of government can fully play its role.