Three Supervisory Signals to Prevent and Control Risk Release Central Bank Fire Line Regulates Financial Infrastructure

category:Finance
 Three Supervisory Signals to Prevent and Control Risk Release Central Bank Fire Line Regulates Financial Infrastructure


It is noteworthy that the central bank has been clearly integrated to manage the financial infrastructure including payment system, trading system, settlement system and so on. The central banks unified management means that the financial platform established by various enterprises and regions, such as UnionPay, Alipay and WeChat, will be included in the central banks unified management scope.

Malpractice of multi-head management

Over the years, Chinas financial system has been developing very fast. Not only the volume of traditional securities, futures, banks and other systems has been growing, but also many new formats and models have emerged, such as Alipay, one of the new great inventions, which brings a brand new mode of mobile payment. In recent years, Internet finance has developed rapidly and the scale of consumer microfinance has been expanding. It can be said that Internet finance has become an important emerging financial infrastructure.

However, whether it is the traditional financial mode or the new Internet financial mode, as well as the new financial instruments derived from the traditional financial industry, all face the same problem: their scale has been large enough to affect the macro and micro levels of social and economic development, and become peoples daily life just like water, electricity and electricity. Infrastructure is indispensable to the development of life, consumption and all walks of life, but the original management system is seriously lagging behind.

This is manifested in the fact that the original financial fields are managed by various departments, and the SFC, the CBRC and even the financial departments have their own jurisdiction. The innovative direction of the financial system is to increase the cross-border form, diversify the channels of capital entry and exit, and increasingly complex operation mode. Moreover, with the acceleration of internationalization of Chinas financial market, it means that new funds and financial derivatives abroad may gradually enter the Chinese market, which will further increase market uncertainty.

Therefore, the previous multi-head management model also exposed many problems: for example, after the emergence of some new financial forms, there will be a phenomenon of multi-department supervision separately, and there are differences in the ideas and ways of supervision among different departments, which can not form a joint force; and there are also blind areas in the management of the new financial industry, which leads to the long-term disordered development of the industry. There is even a wider tendency to run out of control, such as previous events of the P2P series.

Obviously, multi-management tends to lead to unclear responsibilities, lack of cross-sectional supervision, duplication of law enforcement in some areas, waste of resources, and can not fully adapt to the changes and challenges brought about by the rapid development of Chinas financial industry.

Three Signals of the Shenzhen Reform Commission

Based on this, the Shenzhen Reform Commission has made it clear that the financial infrastructure is under the central banks control, thus releasing three major signals. Firstly, the unified management of the central bank will establish integrated management standards, promote the comprehensive opening of financial infrastructure, and provide the top level for sorting out and perfecting relevant laws and regulations, effective flow and sharing of market data and regulatory data in each sector, the establishment of a unified credit information system, and the clarification of the power and responsibility boundaries of various co-management departments. Design of institutional space.

Secondly, at the meeting of the Committee, it was proposed to promote the formation of a rational layout, effective governance, advanced, reliable and flexible financial infrastructure system. That is to say, in the management of financial infrastructure, the central bank should not only maintain an open and tolerant attitude towards the new formats, new technologies and new applications of Internet finance, but also give due encouragement to the benefits of technological progress, efficiency improvement and cost reduction brought about by economic life, but also ensure the synchronization of the wind control system. Update to ensure that innovation does not come in disorder.

In this regard, the central bank has a relatively successful case of innovation management. The central bank introduced a new regulation last year, requiring the payment of mobile payment tools such as Alipay and WeChat to be unified through the Internet platform. For regulatory authorities, it is necessary to increase the liquidation link between the payment institutions and banks, so as to better grasp the flow of funds and information flows of the payment institutions, and help to consolidate and pay for the market. Its a kind of chaotic phenomenon.

At the same time, it can reduce the cumbersome process of direct connection between banks and many third-party payment institutions, and gradually make the rights and responsibilities of the parties involved in payment more clear, clear and independent. This new measure takes into account the dual needs of security and innovation in the mobile payment industry. It is believed that the experience gained by the central bank in the exploration of regulatory innovation in the field of mobile payment will provide an effective reference for its follow-up in a broader range of financial infrastructure penetration management.

Thirdly, the difficulty of unified management of financial infrastructure can be imagined, which requires central bank management innovation to give full play to the new momentum brought by technological endowment and promote its own change. For example, the central bank recently announced that it should strengthen the research on digital money, that is, based on the block chain has increasingly become an important new thing affecting the direction of the financial industry. Not only the market giants such as FACEBOOK, Wal-Mart and BAT in China have begun to lay out the block chain, especially in the field of financial research and development, but also Many countries in the world are also promoting relevant research on digital currency technology and issuance. The central banks research and development of digital currency can be regarded as a proper response to the new changes in world finance, and it is expected that the block chain will become a new infrastructure of the financial industry. This is also conducive to Chinas financial infrastructure management and research with the times, the use of large data, cloud computing, block chains and artificial intelligence and other digital technologies to promote the transformation of trading mode, increase the depth and breadth of the market, and take a favorable lead in future international competition.

With the clarification of the Central Banks control over the financial infrastructure by the CSRC, it will strengthen the macro-control of the financial system, effectively coordinate the relevant functional institutions to jointly promote the deepening of management, and provide a more forward-looking and targeted internal and external risk response system while promoting the independent innovation of market participants within the framework of the norms, so as to ensure that I can Chinas financial market has developed rapidly and well.

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