Xinhua News Agency, Beijing, April 29. In order to thoroughly implement the spirit of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, the Central Economic Work Conference and the Ninth Meeting of the Central Finance and Economics Committee, we will further strengthen the supervision of online platform companies engaged in financial business and strengthen anti-monopoly And to prevent the disorderly expansion of capital, and promote the healthy and sustainable development of the platform economy, on April 29, 2021, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the Foreign Exchange Bureau and other financial management departments (hereinafter referred to as the financial management departments) jointly engaged in some financial services The online platform companies of the People’s Bank of China conducted supervision interviews, and Pan Gongsheng, the deputy governor of the People’s Bank of China, presided over the interviews.
13 online platform companies including Tencent, Duxiaoman Finance, JD Finance, ByteDance, Meituan Finance, Didi Finance, Lufax, Tianxing Digital, 360 Digital, Sina Finance, Suning Finance, Gome Finance, and Ctrip Finance The actual controller or representative participated in the interview.
The financial management department pointed out that in recent years, online platform companies have played an important role in improving the efficiency of financial services, the inclusiveness of the financial system, and reducing transaction costs. The overall development trend is good, but there are also unlicensed or over-licensed companies. The scope is engaged in financial business, imperfect corporate governance mechanism, regulatory arbitrage, unfair competition, damage to consumers' legal rights and other serious violations.
The network platform companies engaged in financial business interviewed by the joint supervision have integrated operating characteristics, have a large business scale, have important influence in the industry, and have exposed problems that are more typical. They must be corrected first.
The financial management department emphasized that the Party Central Committee and the State Council attach great importance to the healthy and sustainable development of network platform enterprises, and have made a series of important arrangements for strengthening the financial supervision of platform enterprises and standardizing the order of platform economic competition, and put forward clear requirements.
All online platform companies should earnestly study and understand the spirit of the Party Central Conference, attach great importance to their own problems, and conduct comprehensive self-examination and rectification in accordance with financial laws and regulations and various financial regulatory systems.
The development of financial business must be based on serving the real economy and preventing financial risks.
Regarding business violations, the financial management department will strictly investigate and deal with them in accordance with the law.
The financial management department has put forward rectification requirements in response to the prominent problems that are common in the current financial business of online platform companies.
The first is to insist that all financial activities be included in financial supervision, and financial businesses must be licensed to operate.
The second is to return payments to their origins, disconnect improper connections between payment instruments and other financial products, strictly control the expansion of non-bank payment accounts to the public domain, improve transaction transparency, and correct unfair competition.
The third is to break the information monopoly and conduct personal credit reporting services strictly through licensed credit reporting agencies in compliance with laws and regulations.
The fourth is to strengthen the standardized management of key links such as shareholder qualifications, equity structure, capital, risk isolation, and related transactions. Enterprises that meet the requirements must apply for the establishment of financial holding companies in accordance with the law.
Fifth, strictly implement the requirements of prudential supervision, improve corporate governance, implement the “two participation and one control” requirements for investment in bancassurance institutions, and prudently develop Internet deposits and loans and Internet insurance businesses in compliance with regulations to prevent network mutual assistance business risks.
The sixth is to standardize the issuance and transaction of asset securitization products and the listing of overseas companies.
It is forbidden to cross-hold positions for senior executives and practitioners of securities and fund institutions to ensure the independence of the institution’s operations.
The seventh is to strengthen the financial consumer protection mechanism, regulate the collection and use of personal information, marketing and publicity, and standard text contracts, strengthen supervision and standardize financial business cooperation with third-party institutions, etc.
The financial management department requires that online platform companies fully understand the necessity and seriousness of self-inspection and rectification work.
It is necessary to establish a compliance awareness to strictly abide by financial regulatory requirements, a market awareness to resolutely maintain a level playing field, and a service awareness centered on the protection of consumer rights and interests. The goal is to reassure the party and the country, satisfy the people, and respect the industry. Look for problems carefully, and make rectifications in a safe and orderly manner.
During the self-examination and rectification period, the normal operation and business continuity of the enterprise shall be maintained.
The financial management department will maintain close communication with online platform companies, fully listen to opinions and suggestions, and will conduct inspections on rectification in a timely manner.
If the rectification is not in place or against the wind and violates regulations, it shall be strictly investigated and dealt with in accordance with laws and regulations.
The financial management department stated that it will always adhere to the equal emphasis on development and regulation, and support and promote the platform economy to maintain integrity, innovation, and stability.
On the one hand, firmly adhere to the "two unshakable", protect property rights in accordance with the law, promote entrepreneurship, stimulate the vitality of market players and technological innovation capabilities, promote platform companies to continuously improve financial services, and consolidate and enhance international competitiveness; on the other hand, , Adhere to strict supervision and fair supervision, treat all kinds of illegal financial activities with "zero tolerance", protect data property rights and personal privacy, and resolutely maintain fair competition in the financial market order.
The companies participating in the interview stated that they will attach great importance to self-inspection and rectification work, under the guidance of financial management departments, fully benchmark financial regulatory requirements, formulate rectification plans, and earnestly implement them. While making every effort to ensure the compliance and continuity of financial business, it will continue to adhere to the original source of serving the real economy and the people, further enhance social responsibility, and maintain a fair competitive market environment.Keywords: