中國互聯網金融新規力圖平衡創新風險

China's move to regulate internet finance is a positive step towards legitimising a sector that has largely operated in a vacuum, analysts say, but the rules also reflect the government's support for incumbent banks.

分析人士表示，中國正採取措施，監管互聯網金融，這是這個基本上在真空環境下運營的行業走向法制化的一項積極舉措，但這些規定也反映出政府對現有銀行的支持。

Ten agencies including the central bank, the banking regulator and the securities regulator jointly issued guidelines this month that provide an official definition of "internet finance" and specify which agencies are responsible for regulating which types of internet financial institutions.

包括央行、銀監會以及證監會在內的10個部委本月聯合印發指導意見，就“互聯網金融”給出官方定義，並明確了對各類互聯網金融機構的監管分工。

The rules will support the growth of online financial services such as online payments, peer-to-peer lending, crowdfunded equity finance, and asset management by creating a clear regulatory framework under which they operate, cleansing their reputation as fly-by-night operators.

這些規定將創建一個明晰的運營監管框架，洗刷互聯網金融服務運營商不可靠的名聲，從而支持互聯網金融服務的增長，例如在線支付、個人對個人（peer-to-peer，簡稱P2P）貸款、股權衆籌融資以及資產管理等服務。

They will also promote consolidation, as weaker players that can't meet more stringent requirements fall by the wayside or get acquired.

規定還將推動整合，達不到更嚴格要求的實力較弱的參與者將破產或被收購。

"Regulation will standardise operations and expose the industry to sunlight. Practices that were seen as existing in a grey area will be forbidden," says Xu Hongwei, chief executive of Online Lending House, a website that tracks the P2P industry.

追蹤P2P貸款行業的網站網貸之家(Online Lending House)首席執行官徐紅偉表示：“監管將實現業務的標準化，並讓這個行業暴露在陽光之下。那些被視爲處於灰色領域的做法將被禁止。”

"But regulation will also increase operating costs, causing some of the lower ranking and weaker players who can't make the cut to go bankrupt. And it will raise barriers to entry. Average people won't be able to get in any more."

“但監管還將提高運營成本，導致一些評級較低且實力較弱的參與者破產。同時這將提高准入門檻。普通人無法再進入了。”

As regulation takes effect, analysts say big players such as Alibaba's finance affiliate, Zhejiang Ant Small & Micro Financial Services, stand to benefit. Ant Financial controls the leading third-party online payment service, Alipay, and the country's biggest money-market fund, Yu'E Bao, which is marketed online.

分析人士表示，隨着監管規定的實施，大型參與者將受益，例如阿里巴巴(Alibaba)旗下的金融業務浙江螞蟻小微金融服務公司(Zhejiang Ant Small & Micro Financial Services)。螞蟻金融控制着領先第三方在線支付服務支付寶(Alipay)以及中國最大貨幣市場基金餘額寶(Yu'E Bao)。

Other heavyweights in the internet finance space include Lufax, a P2P lending subsidiary of Ping An Insurance; Ouyeel, a unit of Shanghai Baosteel Group that provides financing for steel traders; and Small Entrepreneur, a unit of China Merchants Bank, the country's sixth-largest lender, that focuses on wealth management.

互聯網金融行業的其他重量級參與者包括平安保險(Ping An Insurance)旗下的P2P貸款機構陸金所(Lufax);上海寶鋼集團(Shanghai Baosteel Group)旗下負責爲鋼鐵交易商提供融資的機構；以及中國第六大銀行招商銀行(China Merchants Bank)旗下關注財富管理的小企業E家(Small Entrepreneur)。

The new rules seek to draw a clear line between P2P lending and banking. P2P platforms must clearly disclose to customers that they are only intermediaries between borrowers and lenders and are forbidden from taking deposits or providing guarantees. P2P platforms are also not allowed to raise funds for their own projects.

這些新規希望把P2P貸款與銀行業明顯區別開來。P2P貸款必須明確告知客戶，它們只是借款人和貸款人之間的中介機構，不得吸收存款或提供擔保。P2P平臺也不得爲自己的項目籌集資金。

Yet some industry insiders worry that the rules are too restrictive and favour incumbent financial institutions, especially the state-owned banks, and are awaiting further guidance. The latest guidelines laid out broad principles, with detailed regulations from specific agencies to follow in the coming months.

然而一些行業內部人士擔心，這些新規限制性太強，且偏袒現有金融機構，特別是國有銀行。最新的指導意見列出了總體原則，各個部委的詳細規定將在未來幾個月出臺。