Xinhua News Agency, Beijing, March 24 -
Topic: the next five years, financial innovation will usher in a more comprehensive prudential supervision
Xinhua News Agency reporter Zhang Qianqian
In the next 5 years, what kind of regulatory environment will financial innovation usher in?
The "14th Five-Year Plan" and the 2035 long-term goal outline clarify the regulatory requirements-improve the modern financial regulatory system, complement the shortcomings of the regulatory system, promote financial innovation in an orderly manner under the premise of prudential supervision, improve the regulatory framework for full risk coverage, and improve The level of financial supervision transparency and the rule of law.
Compared with the statements in the "Thirteenth Five-Year Plan" on strengthening the construction of the financial macro-prudential management system, reforming and improving the financial regulatory framework that adapts to the development of modern financial markets, the new statement emphasizes the relationship between supervision and innovation.
"This means that in the next stage, financial technology and innovation will no longer be'savage growth', but will be incorporated into a consistent and fully-covered financial supervision system." Deputy Director of the National Finance and Development Laboratory Zeng Gang said.
In recent years, my country's financial industry has attached great importance to innovation and development, and financial products and market levels have been continuously enriched.
With the continuous development of big data, artificial intelligence and other technologies, financial technology changes with each passing day.
However, under the financial innovation, chaos still exists.
The head of the relevant department of the China Banking and Insurance Regulatory Commission said that the deep integration of technology and finance has expanded the coverage of financial services, improved the efficiency of financial services, and improved the level of risk prevention and control.
At the same time, it has also brought about network security, market monopoly, unclear data ownership, consumer rights protection and other issues, affecting market fairness and financial stability.
"These chaos are not caused by financial innovation itself, but are caused by some Internet platforms and financial institutions arbitrage in the name of innovation and disrupt the market order. They are'pseudo-innovations.'" said Dong Ximiao, a part-time researcher at the Institute of Finance of Fudan University. .
In his view, benign financial innovation should adhere to the fundamental purpose of serving the real economy, the fundamental direction of improving the efficiency of financial resource allocation, and the fundamental requirement of preventing and controlling financial risks.
In fact, last year's Central Economic Work Conference made it clear: Financial innovation must be carried out under the premise of prudential supervision.
Regarding this, the regulatory authorities actively expressed their views and clarified the regulatory requirements.
The China Banking and Insurance Regulatory Commission proposed to improve the level of financial legalization and implement comprehensive supervision of various financial activities and behaviors in accordance with the law.
Deepen the reform of “delegating control, delegating control to service”, develop regulatory technology, and vigorously improve regulatory effectiveness.
Recently, my country has accelerated its pace and introduced a series of measures to rectify the chaos in the financial market-prohibiting unauthorized inter-provincial online micro-loan business; "stopping" illegal Internet deposits; clarifying commercial banks and cooperative institutions Co-financing requirements for the proportion of loans issued; strengthening the principle of licensed operation of Internet insurance business; prohibiting small loan companies from issuing Internet consumer loans to college students...
At the same time, strengthen anti-monopoly and prevent the disorderly expansion of capital, focus on building a fair and orderly market order, and promote the steady development of the financial industry.
"These measures all reflect that my country's regulatory environment for financial technology innovation is gradually improving." Zeng Gang said that previously, individual financial technology innovation businesses were outside the regulatory system.
Now that the regulatory system is gradually expanded and improved to full coverage, it can better protect the rights and interests of users and support the development of the real economy.
"Prudent supervision does not mean rejecting innovation." Zeng Gang believes that there are three future development directions for financial innovation.
The first is to strengthen support for the real economy, enhance financial inclusiveness, and serve long-tail customers; the second is to support the digital transformation of financial institutions; the third is to support the regulatory authorities to improve the level of regulatory technology and improve risk prevention and control capabilities.
"In the process of implementing regulatory policies, it is necessary to distinguish benign financial innovation from'pseudo-innovation' to better protect the enthusiasm and initiative of financial institutions for innovation and development." Dong Ximiao said that financial institutions and Internet platforms should also have a deep understanding of regulatory requirements. , Properly handle the relationship between financial innovation and risk prevention, and consciously maintain a fair and just market competition order.