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Seminar on “Completing Regulation of Online Finance” Held in Beijing
 
 Author:Unirule  
Time:2016-05-06 14:15:24   Clicks:


 

 

March 12th, a joint seminar on “Completing Regulation of Online Finance” was held in Beijing. Present at the seminar include Professor SHENG Hong, Director of Unirule; Professor MAO Shoulong from Renda University; Mr. LIU Xingcheng, from Zhongyong Law Firm; and Mr. JIANG Hao, Director of Unirule Law and Public Governance Centre. Mr. XIANG Jun from Shenzhen Online Finance Chamber of Commerce sent his written speech.

 

 

Professor MAO Shoulong stressed the importance of online finance to China’s development and financial reforms. Compared to countries such as the UK and the US, China lags behind in terms of rule of law and administrative management. What China lacks can be made up for in online finance. It is, therefore, essential to make use of the intrinsic structure of online finance and the new economic structure that’s coming into being in order to make sense of online finance. It is better for the government to leave it be and intervene as little as possible. However, disclosure of enterprises involved in online finance should be regulated by the government in order to guarantee transparency.

 

 

Mr. LIU Xingcheng pointed out that the issues concerning the fraud cases of online finance companies were issues of financial problems, not problems of the online finance. These cases showcase the need for finance in China. Even though Chinese financial institutions never acknowledge the financial monopoly, such monopoly exists in real terms and is demonstrated in multiple forms such as the issuance of financial licenses, the entry barriers, and the unfair competition in the market place.

 

 

Professor SHENG Hong considered finance a form of transaction that is supposed to be free and unregulated. Regulation is only called for in order to control risks. However, this risk is macro and general involving the whole society. When we talk about regulations, we need to clarify that regulations are only needed to avoid macro financial crises. Otherwise, regulations are not suppose to hinder the development of finance. In China’s case, and for a long time, regulations are not installed to avoid risks but to consolidate monopolies. Therefore, such regulations are not the measures we should be promoting, but measures that should be reformed.




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