Internet Finance Listed in Statistic System of The People’s Bank of China & Regulatory Details Will be Finalized in 2016
Source: www.nbd.com.cn View: 288 Date: 2015-11-30

In current internet finance hot wave, statistic of internet finance is still weak part.

Recently, Sheng Songcheng, director of survey statistics department of the People’s Bank of China disclosed in a forum that internet finance statistic system has been listed in banking & finance institution statistics system will be implemented by the People’s Bank of China in 2016, and also made a working deployment in annual statistic system work meeting just finished.

Li Zichuan, CIO of wd315.cn told reporter that it predicts after internet finance monitoring system basically perfect and achieves wide accepts from market, internet finance regulatory policy will have matured time to be fully published; thus, relative regulatory policy will be implemented in the second half of 2016 as soon as possible.

The Main Point of Statistic Includes Internet Loan

Now, the business form of internet finance has gradually been abundant; however relative data statistic work is still less.

Sheng Songcheng disclosed that currently more than ten representative internet enterprises have begun to make deep research and preliminary understood basic situation and business processing of each business form of internet finance currently.

He also indicated that from statistic scope, they will launch statistic monitoring for seven business forms mentioned in “The Guidance Opinions” (“The Guidance Opinions on Promoting Health Development of Internet Finance” from ten departments and ministries. Besides that, they also considered to make statistical monitoring for some business forms if belong to internet finance. “Of course, our statistic points still focus on areas and business with relatively high risk such as internet loan, equity crowd-financing and third-party storage of customers’ funds and etc.”

It is worth noticing that the influence of internet finance for current statistic data has become obvious.

Du Zhengzheng, macroeconomic analyst of China Development Bank Securities indicated for report, under the “monetization” trend of current economic activities, many indicators can’t be listed in M2 of statistic system. Because of innovative and active internet finance, more and more economic behaviors not need regular deposit thus these funds still keep in bank systems that leads abundant mobility of bank system. However, transferring from transaction to investment is not smooth; mode transaction behaviors only show on capital flows that leads M1 to have relatively high growth.

Sheng Songcheng admitted that because internet finance continually creates, a series of problems such as how to define each emerging internet finance institution and business, how statistic work closely follows industrial development, how to face mixed operation will be face bigger challenges.

Li Zichuan also believed that the collection & calculation and analysis for relative businesses or capital data from the People’s Bank of China are conducive to plan & lead and control market, and to reduce systematic risks in market. However the system just recently built and finished, standards also need long time to be popularized; therefore, currently only monitor partly information of market from finance institutions to permeate each field, such as P2P internet loan, stock equity crowd-financing and etc.. It also needs a process that needs promotion of internet finance association from up to down. Besides that reality and comprehensiveness of statistic information will become difficult points.

Industry Predicts “The Guidance Opinions” will be Implemented in 2016 As Soon As Possible

In July of 2015, the People’s Bank of China and other nine departments and ministries published “The Guidance Opinions”. Then, the information of relative internet finance regulatory details has been delivered all the time.

Before that, Xu Pengcheng, the director of state-owned assets management office of Development Research Center of the State Council analyzed and indicated that as a kind of financial integration internet finance currently faces some problems such as laggardness of legislation and unreasonable regulatory bodies. It should finish legislation of internet finance as soon as possible to further elaborate regulatory bodies, to implement diversified classification regulatory, to strengthen resisting risk ability of internet finance institutions and to build market warning and exit mechanism.

"Although internet finance statistic monitoring plan will be implemented, it predicts that will be formally implemented in non-financial institutions in the second half of 2016 as soon as possible; after regulatory system basically finished and widely accepted by market, internet finance regulatory policy will have matured time to be published; thus, it will be settled in the second half of 2016 as soon as possible” Li Zichuan believed, however during this period, detailed requirements will be published for some areas and some parts. Regulatory doesn’t happen overnight, but needs slowly permeate and cut to market.

Li Zichuan also hoped that in process of implementation, strengthen regulatory for fund processing of payment companies; establish information discoloration & integrity warning for platform, and strengthen illegal operation cost of operator cooperating with social credit report in service institutions; publish survey methods and regular survey result for statistic result then to improve credibility of data and to reduce rate of information asymmetry generally exist in market.

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