One of the important supporting bases for this data is the "explosion" of China's Internet finance market in the past two years, with at least 38 online P2P platforms completing financing in 2014, involving capital of more than 4 billion yuan. Zero One Finance estimates that the transaction scale of domestic P2P lending industry in 2014 is about 250 billion to 300 billion yuan, which is two to three times of the 130 billion yuan in 2013. If you add a large number of difficult to count offline platforms, channel-type business, the overall transaction size may exceed 400 billion yuan, the loan balance of more than 150 billion yuan.
What does the hot new concept mean for China's economy? In what ways will this innovation lead the sector, industry and even China's economy?
At the "Financing Leasing Internet Finance Summit Forum under the New Normal Economy" held on February 7, Fan Gang, vice president of China Economic System Reform Association and director of National Economic Research Institute, economist Wen Yuankai, senior partner of Hejun Consulting and general manager of the financial business department, Liu February, senior partner of Gaopeng Law Firm, Jiang Liyong, and senior partner of Central University of Finance and Economics, Jiang Liyong, and senior partner of Central University of Finance and Economics, Jiang Liyong. Jiang Liyong and Huang Zhen, professor at the Law School of the Central University of Finance and Economics, director of the Institute of Financial Law, and other industry insiders shared their views.
Internet finance not only promotes financial change, but also affects the restructuring of China's economy
Fan Gang: What we talk about most now is that China's economy has entered a "new normal". This new normal on the one hand is our overall economic situation, although the risk is still there, but on the whole has entered a stable state, on the other hand is the emergence of new economic growth points. How to make good use of new technologies and new business models is a key to maintaining stable economic development in the "new normal" period.
The Internet is a key technology, now we mention more is the Internet industry, but in the long run the construction of the Internet of Things will connect the physical business and virtual economy. For example, the leasing industry, built up the Internet of Things, will be idle equipment will be able to make limited use of, on this basis, the Internet of Things accompanied by the implementation of the flow of data, able to follow the idle situation of the equipment and the market demand for real-time monitoring and matching between the owner of the equipment, the user of the equipment to create a new application scenarios, which creates a new business opportunities. This is particularly relevant in the context of overcapacity in many industries.
The biggest breakthrough we see in the example of eRentBao is the reduction of information costs on both sides of the transaction through new information technologies. In this sense, the Internet will transform our tradition, transform our manufacturing industry and the real economy. When the demand for basic manufacturing products is satisfied, it will lead to the adjustment of the industrial structure to meet the needs of people in other areas of extension, which will pull the Chinese economy long-term structural adjustment.
Huang Zhen: Many people are keen to explore the main mode of Internet finance, but in fact the mode is not important, innovative thinking is the most important. So we have to look at the trend, not the model, of course, now there are existing models, such as: P2P sites, crowdfunding, equity crowdfunding and pre-sale money crowdfunding, these financial leasing of strategic industrial platforms contain a very broad space for innovation.
In the past 30 years, people put money into buying assets, investment, into a large pile of assets, so how to make the assets and then release liquidity out of the current Internet finance can do a very big contribution. Yucheng Group to do the financial leasing assets into liquidity to, this is a very good model.
Wen Yuankai: China's economy so far the downward trend, has not been a fundamental shift. The real economy is having a hard time, but we see that the new business including eLease is developing at a high speed, the essence behind this is to deepen the economic reform, especially the deepening of the financial reform is a result of the call. How can we create higher returns for the people's money? In essence, this is driving innovation and reform of China's financial and banking industries.
Internet finance It is important to implement regulation, but it is more important to standardize the regulation
Fan Gang: finance needs to avoid risk, finance involves a lot of small investors, the government needs to regulate. But now the main problem is not regulation, but how to create a loose environment with a variety of business models to try.
Huang Zhen: the current market Internet finance there are several types of bad conditions: there is poor management, poor wind control; there is not enough security technology, no basic network technology; there is a direct go to do the illegal fund-raising, centralized to their own platforms, intermediary pools; and there is a direct fraud. It is imperative to fight the fake. These pseudo P2P will be expelled from the market, the offenders will be severely punished.
The rise of Internet finance in China, on the one hand, is the penetration of Internet technology, on the other hand, is China's already widespread private lending market. But when Chinese society is changing from a society of acquaintances to a society of strangers, the trust system based on acquaintances in the past is disintegrating, and the credit system between strangers has not yet been able to establish, which is our current double dilemma.
Internet finance is a kind of superimposed, both network risk and financial risk, but its wind control is also a technology that can be superimposed, both the traditional wind control technology, but also can use the Internet technology, big data technology for wind control. The current era of credit may be abused, big data dissemination, loss of personal information, theft and so on. How to manage data, privacy protection has become a big problem.
Currently in the policy gap, the registration of several trendy products and the regulation of information errors, is the focus of regulation.
Internet finance challenges traditional finance but also fills in the blind spots of traditional financial services
Wen Yuankai: traditional finance is still playing a major role, but now the traditional financial system is really not able to fully meet the needs of the economy and the market in some aspects, such as the difficulty of small and medium-sized enterprises to borrow money. How to use the huge amount of private funds? Internet finance and traditional finance, in fact, is a kind of competition and cooperation relationship, Internet finance to traditional finance will pose a challenge, but it is also in the traditional finance in the past is difficult to dig out some information and business opportunities, and then make the financial cake bigger.
February Liu: China's Internet finance