In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to ...In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to fail”and“too many links to fail”.There are problems with the implementation of financial data openness by regulatory agencies for banks and fin-tech enterprises,such as the ambiguity of regulatory responsibilities,the emphasis on financial regulatory goals,and the lag in regulatory methods.To address these issues,it is necessary to clarify the responsibilities of financial regulatory agencies,establish a collaborative mechanism for financial regulation,coordinate the types of risks in bank enterprise cooperation,achieve the technical implementation of financial regulatory measures and the design of regulatory systems,obtain regulatory data in real time,establish a hierarchical regulatory system for bank enterprise cooperation to improve the regulatory path,and ensure the rational and legal use of financial data in bank enterprise cooperation.展开更多
Financial regulation and supervision is an important subject in finance research. After the U. S. subprime mortgage crisis,the weakness in this field becomes the research focus. Every country attaches importance to st...Financial regulation and supervision is an important subject in finance research. After the U. S. subprime mortgage crisis,the weakness in this field becomes the research focus. Every country attaches importance to strengthen the financial supervision and management. But the financial regulatory system is a large system,and the process of model building and index selection is very complicated. A model for China's financial regulation and supervision system was proposed and a system evaluation method was improved. A more exact result was drawn by choosing 2003- 2009 index data.展开更多
At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist eco...At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.展开更多
The Xinhua News Agency has released the full text of the No.340 order of the State Council signed by Premier Zhu Rongji, on the publication of the Regulations of the People’s Republic of China on the Control of Forei...The Xinhua News Agency has released the full text of the No.340 order of the State Council signed by Premier Zhu Rongji, on the publication of the Regulations of the People’s Republic of China on the Control of Foreign Funded Financial Institutions, which will take effect on the date of February 1 in 2002.展开更多
Preventing financial risk is an important topic that academic circles and the government have paid attention to for a long time.The development of fintech and the improvement of financial regulation will affect the le...Preventing financial risk is an important topic that academic circles and the government have paid attention to for a long time.The development of fintech and the improvement of financial regulation will affect the level of financial risk.The relationship between the degree of matching between fintech and financial regulation and financial risk is explored,which is crucial for reducing financial risk.Panel data from 31 provinces in China from 2011 to 2020 is used to explore the impact of fintech and financial regulatory matching levels on financial risk.The study finds that the improved matching level between fintech and financial regulation helps reduce financial risk.The degree of matching between fintech and financial regulation affects financial risk through financial efficiency.展开更多
Driven by the dual forces of China’s financial powerhouse strategy and advancements in artificial intelligence,digital finance has experienced rapid growth,rendering traditional financial legal regulations inadequate...Driven by the dual forces of China’s financial powerhouse strategy and advancements in artificial intelligence,digital finance has experienced rapid growth,rendering traditional financial legal regulations inadequate to meet its regulatory demands.Key challenges include lagging legislative regulation,limited applicability of the standard regulations,and diminished effectiveness of the supervisory regulations.These challenges stem from the“single-entity”regulatory approach which is inadequate to meet its regulatory needs of mixed operations of digital finance,the misalignment between“static”administrative regulations and the dynamic evolution of financial technology(fintech),and the uneven allocation of regulatory resources,which constrain regulatory precision.To achieve a dynamic balance between the development of digital finance and its regulation,the adoption of inclusive legal regulation is imperative.The technological empowerment theory integrates the principles of finance with the“people-centered”concept and the social good,which thereby safeguards the rights and interests of digital finance consumers.As a pivotal standard for shaping inclusive legal regulation,digital justice should not only uphold fairness in the regulation of processes but also advance the organic integration of scenario-based justice and the principles of Law 3.0.In the future,China should foster multi-stakeholder collaborative governance to ensure the orderly allocation of the regulators’power.This effort should be supported by a comprehensive toolkit of technological regulations,which can dynamically balance incentive regulation with binding regulation while simultaneously enabling the efficient flow of regulatory resources within specific application scenarios.Such strategies would provide a viable pathway toward the goal of achieving inclusive legal regulation in digital finance.展开更多
Following the order of events, this paper makes a systematic and comprehensive summary of how the global financial crisis of 2008 affected China. It includes an econometric assessment using by-industry and by-region d...Following the order of events, this paper makes a systematic and comprehensive summary of how the global financial crisis of 2008 affected China. It includes an econometric assessment using by-industry and by-region data, and describes the role of government regulation from a new perspective. China's economic recovery is a result of regulatory intervention, and enhancing economic momentum created conditions for such intervention to phase out.展开更多
The power of financial innovations to affect societies on global and intergenerational levels compels us to ask how we can ensure their responsible emergence in society.This requires an understanding of how innovation...The power of financial innovations to affect societies on global and intergenerational levels compels us to ask how we can ensure their responsible emergence in society.This requires an understanding of how innovation occurs and how it is governed in practice.Despite this,there is little research on the process and governance of financial innovation.The few studies conducted in this area have focused on the‘backend’of the innovation process.Therefore,using data from secondary sources,this study investigates how two major financial innovations occurred and were governed,and it discusses the findings in relation to those in the literature.This approach revealed that innovation processes fall within a continuum ranging from structured to unstructured.Moreover,lead times are potentially longer for innovations that are significantly disruptive,new to the market,and technological in nature.Finally,innovation processes can involve multiple stakeholders who use both statutory regulation and self-regulation for innovation governance.This paper concludes that innovation processes and their governance can vary significantly according to different areas of the financial landscape and associated innovation contexts.Thus,there is a need for more empirical work to understand such variability and practices in the sector as a whole.展开更多
Propelled by a combination of policy enablers,increasing investments,and the COVID-19 pandemic,the global financial technology(fintech) industry has entered a period of rapid growth in recent years.Yet it is important...Propelled by a combination of policy enablers,increasing investments,and the COVID-19 pandemic,the global financial technology(fintech) industry has entered a period of rapid growth in recent years.Yet it is important to note that poor regulation and weak supervision might produce risks and shocks to financial stability,business competition,social equity,and environmental resources.The encouraging approach toward fintech development adopted by major global economies over the past decade has ignored regulation to varying degrees,resulting in unbalanced and inadequate supervision,which has been falling short of meeting public concerns effectively.Since 2019,international discussions on how to regulate fintech have become more and more heated.It has been widely agreed that,to regulate fintech effectively,three pillars must be established—data,competition,and financial regulatory rules.Given the increasing challenges posed by large technology firms (big techs)to financial regulation,this paper proposes to prioritize entity-based regulation,with a focus on reforming the rules concerning operational resilience and competition.China should keep a close eye on international trends and learn to devise appropriate rules for entity-based regulation,which will prove necessary to guide the steady,sound,and sustainable development of its fintech industry.展开更多
The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market ...The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu＇E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu＇E Bao＇s portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu＇E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.展开更多
The 1923 Global Economic Crisis （also called ＂The Great Depression＂） that had hit the whole world, caused the economists and politicians to see more clearly. As it has become obvious several times after World War ...The 1923 Global Economic Crisis （also called ＂The Great Depression＂） that had hit the whole world, caused the economists and politicians to see more clearly. As it has become obvious several times after World War II., deep changes were needed to be done concerning economic processes. In those times, many smaller crises had risen in different countries, affecting their micro-economic structures, however neither of them had such widespread effects as the Global Financial Crisis in 2008, that has struck several economic sectors, most of all, the finance industry. Numerous studies had been carried out, examining the causes and consequences of the 2008 Crisis. In this study the authors will give an organized overview on the circumstances that characterized the outbreak of the crisis, and focus on the impacts of the events, in particular, its effects on Hungary. To manage the crisis, each country used different economic approaches, took different measures, but the main concept, that economic processes needed strict regulations, was globally accepted, or at least, identified. Regulation of the financial sector, more specifically, of accounting standards was and is of paramount importance. At the outbreak of the crisis, Hungarian economy had been in a unique situation, and directly after 2008, Hungarian economic indicators showed a more favorable economic state compared to Western European countries. This has occurred because of the government＇s stabilization fiscal and economic policies in the years preceding the depression, when they had been trying to compensate the financial and economic decisions made during the previous years. But these indicators soon have changed and began to demonstrate a more realistic picture and showed the true economic state of the country. Besides the financial area, the Crisis had affected-on account of foreign currency lending--a wide range of the Hungarian society as well.展开更多
The financial crisis of 2008 precipitated by credit issues in the US housing market is probably one of the most profound financial events in recorded history.Its shockwaves have significantly affected almost every mar...The financial crisis of 2008 precipitated by credit issues in the US housing market is probably one of the most profound financial events in recorded history.Its shockwaves have significantly affected almost every market centre as well as country in the world.The aim of this report is accordingly to investigate major reasons behind the crisis from a special angle of banking systems.In particular,problems hidden in regulations,mechanisms and systems in the wake of the financial crisis are focused specifically in this report.展开更多
The social and economic level continues to improve, the financial market is also expanding, the business diversification trend of commercial banks is more and more obvious, and the banking supervision is an important ...The social and economic level continues to improve, the financial market is also expanding, the business diversification trend of commercial banks is more and more obvious, and the banking supervision is an important part of promoting the healthy and sustainable development of banking business, but also the core of the stable development of Chinese financial market. The constant change of the development of the banking industry also puts forward higher requirements for its supervision. This paper combed the since Chinese reform and opening up the evolution of the banking supervision system, analysis of the current situation of Chinese banking regulatory legislation and regulation in the banking management problems, at the same time by comparing the banking regulation law and foreign banking legislation situation in our country, our country banking industry in the future perfect regulation put forward the corresponding countermeasures and Suggestions.展开更多
This article explores the challenges of financial sustainability faced by higher education institutions in the United States.Against a backdrop of stringent state and federal regulations coupled with a decline in fina...This article explores the challenges of financial sustainability faced by higher education institutions in the United States.Against a backdrop of stringent state and federal regulations coupled with a decline in financial support,institutions are grappling with a shifting landscape.The paper delves into the intricacies of state regulations and funding policies,highlighting their impact on educational establishments.Furthermore,strategies for financial sustainability,including student attraction and retention,are discussed.The article concludes by underscoring the duality of regulations as both challenges and essential resources,suggesting a potential shift towards greater autonomy and a reshaping of the educational landscape in response to modern challenges.展开更多
Financial performance is an indicator to measure the strength of a company’s business operation capability,which is of great concern to enterprise managers,external investors,and government regulators.Based on the da...Financial performance is an indicator to measure the strength of a company’s business operation capability,which is of great concern to enterprise managers,external investors,and government regulators.Based on the data of Chinese listed companies from 2012 to 2016,this paper included government administrative penalties regulation into the study of factors influencing corporate financial performance and conducted an empirical analysis.The research shows that punitive supervision has a significant negative impact on corporate financial performance;rectifying the effect on financial performance would increase the operating cost.Simultaneously,the degree of punitive supervision will also affect corporate financial performance,with the financial performance of listed companies subjected to severe punitive supervision being poorer.展开更多
The period between 1993 and 2002 was a crucial part of China's macroeconomic regulation and financial reform and opening-up. Throughout most of this phase, the author was involved in making major decisions on mone...The period between 1993 and 2002 was a crucial part of China's macroeconomic regulation and financial reform and opening-up. Throughout most of this phase, the author was involved in making major decisions on monetary policy, financial markets, regulation, reform and opening-up, and fulfilled his duties as a central bank leader. This paper is dedicated to the 60th anniversary of the founding of the People's Republic of China.展开更多
文摘In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to fail”and“too many links to fail”.There are problems with the implementation of financial data openness by regulatory agencies for banks and fin-tech enterprises,such as the ambiguity of regulatory responsibilities,the emphasis on financial regulatory goals,and the lag in regulatory methods.To address these issues,it is necessary to clarify the responsibilities of financial regulatory agencies,establish a collaborative mechanism for financial regulation,coordinate the types of risks in bank enterprise cooperation,achieve the technical implementation of financial regulatory measures and the design of regulatory systems,obtain regulatory data in real time,establish a hierarchical regulatory system for bank enterprise cooperation to improve the regulatory path,and ensure the rational and legal use of financial data in bank enterprise cooperation.
文摘Financial regulation and supervision is an important subject in finance research. After the U. S. subprime mortgage crisis,the weakness in this field becomes the research focus. Every country attaches importance to strengthen the financial supervision and management. But the financial regulatory system is a large system,and the process of model building and index selection is very complicated. A model for China's financial regulation and supervision system was proposed and a system evaluation method was improved. A more exact result was drawn by choosing 2003- 2009 index data.
文摘At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.
文摘The Xinhua News Agency has released the full text of the No.340 order of the State Council signed by Premier Zhu Rongji, on the publication of the Regulations of the People’s Republic of China on the Control of Foreign Funded Financial Institutions, which will take effect on the date of February 1 in 2002.
文摘Preventing financial risk is an important topic that academic circles and the government have paid attention to for a long time.The development of fintech and the improvement of financial regulation will affect the level of financial risk.The relationship between the degree of matching between fintech and financial regulation and financial risk is explored,which is crucial for reducing financial risk.Panel data from 31 provinces in China from 2011 to 2020 is used to explore the impact of fintech and financial regulatory matching levels on financial risk.The study finds that the improved matching level between fintech and financial regulation helps reduce financial risk.The degree of matching between fintech and financial regulation affects financial risk through financial efficiency.
基金funded by a general project of the National Social Science Fund of China“Research on the Construction of the Implementation Mechanism of the Paris Agreement under the Concept of a Community with a Shared Future for Mankind(Project No.:20BFX210)”a Humanities and Social Sciences Special Project of the Fundamental Research Funds for the Central Universities“Research on Legal Issues and Countermeasures for Promoting High-Quality Green Development in the Belt and Road Region”(Project No.:2022CD-JSKPY28).
文摘Driven by the dual forces of China’s financial powerhouse strategy and advancements in artificial intelligence,digital finance has experienced rapid growth,rendering traditional financial legal regulations inadequate to meet its regulatory demands.Key challenges include lagging legislative regulation,limited applicability of the standard regulations,and diminished effectiveness of the supervisory regulations.These challenges stem from the“single-entity”regulatory approach which is inadequate to meet its regulatory needs of mixed operations of digital finance,the misalignment between“static”administrative regulations and the dynamic evolution of financial technology(fintech),and the uneven allocation of regulatory resources,which constrain regulatory precision.To achieve a dynamic balance between the development of digital finance and its regulation,the adoption of inclusive legal regulation is imperative.The technological empowerment theory integrates the principles of finance with the“people-centered”concept and the social good,which thereby safeguards the rights and interests of digital finance consumers.As a pivotal standard for shaping inclusive legal regulation,digital justice should not only uphold fairness in the regulation of processes but also advance the organic integration of scenario-based justice and the principles of Law 3.0.In the future,China should foster multi-stakeholder collaborative governance to ensure the orderly allocation of the regulators’power.This effort should be supported by a comprehensive toolkit of technological regulations,which can dynamically balance incentive regulation with binding regulation while simultaneously enabling the efficient flow of regulatory resources within specific application scenarios.Such strategies would provide a viable pathway toward the goal of achieving inclusive legal regulation in digital finance.
文摘Following the order of events, this paper makes a systematic and comprehensive summary of how the global financial crisis of 2008 affected China. It includes an econometric assessment using by-industry and by-region data, and describes the role of government regulation from a new perspective. China's economic recovery is a result of regulatory intervention, and enhancing economic momentum created conditions for such intervention to phase out.
文摘The power of financial innovations to affect societies on global and intergenerational levels compels us to ask how we can ensure their responsible emergence in society.This requires an understanding of how innovation occurs and how it is governed in practice.Despite this,there is little research on the process and governance of financial innovation.The few studies conducted in this area have focused on the‘backend’of the innovation process.Therefore,using data from secondary sources,this study investigates how two major financial innovations occurred and were governed,and it discusses the findings in relation to those in the literature.This approach revealed that innovation processes fall within a continuum ranging from structured to unstructured.Moreover,lead times are potentially longer for innovations that are significantly disruptive,new to the market,and technological in nature.Finally,innovation processes can involve multiple stakeholders who use both statutory regulation and self-regulation for innovation governance.This paper concludes that innovation processes and their governance can vary significantly according to different areas of the financial landscape and associated innovation contexts.Thus,there is a need for more empirical work to understand such variability and practices in the sector as a whole.
文摘Propelled by a combination of policy enablers,increasing investments,and the COVID-19 pandemic,the global financial technology(fintech) industry has entered a period of rapid growth in recent years.Yet it is important to note that poor regulation and weak supervision might produce risks and shocks to financial stability,business competition,social equity,and environmental resources.The encouraging approach toward fintech development adopted by major global economies over the past decade has ignored regulation to varying degrees,resulting in unbalanced and inadequate supervision,which has been falling short of meeting public concerns effectively.Since 2019,international discussions on how to regulate fintech have become more and more heated.It has been widely agreed that,to regulate fintech effectively,three pillars must be established—data,competition,and financial regulatory rules.Given the increasing challenges posed by large technology firms (big techs)to financial regulation,this paper proposes to prioritize entity-based regulation,with a focus on reforming the rules concerning operational resilience and competition.China should keep a close eye on international trends and learn to devise appropriate rules for entity-based regulation,which will prove necessary to guide the steady,sound,and sustainable development of its fintech industry.
文摘The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu＇E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu＇E Bao＇s portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu＇E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.
文摘The 1923 Global Economic Crisis （also called ＂The Great Depression＂） that had hit the whole world, caused the economists and politicians to see more clearly. As it has become obvious several times after World War II., deep changes were needed to be done concerning economic processes. In those times, many smaller crises had risen in different countries, affecting their micro-economic structures, however neither of them had such widespread effects as the Global Financial Crisis in 2008, that has struck several economic sectors, most of all, the finance industry. Numerous studies had been carried out, examining the causes and consequences of the 2008 Crisis. In this study the authors will give an organized overview on the circumstances that characterized the outbreak of the crisis, and focus on the impacts of the events, in particular, its effects on Hungary. To manage the crisis, each country used different economic approaches, took different measures, but the main concept, that economic processes needed strict regulations, was globally accepted, or at least, identified. Regulation of the financial sector, more specifically, of accounting standards was and is of paramount importance. At the outbreak of the crisis, Hungarian economy had been in a unique situation, and directly after 2008, Hungarian economic indicators showed a more favorable economic state compared to Western European countries. This has occurred because of the government＇s stabilization fiscal and economic policies in the years preceding the depression, when they had been trying to compensate the financial and economic decisions made during the previous years. But these indicators soon have changed and began to demonstrate a more realistic picture and showed the true economic state of the country. Besides the financial area, the Crisis had affected-on account of foreign currency lending--a wide range of the Hungarian society as well.
文摘The financial crisis of 2008 precipitated by credit issues in the US housing market is probably one of the most profound financial events in recorded history.Its shockwaves have significantly affected almost every market centre as well as country in the world.The aim of this report is accordingly to investigate major reasons behind the crisis from a special angle of banking systems.In particular,problems hidden in regulations,mechanisms and systems in the wake of the financial crisis are focused specifically in this report.
文摘The social and economic level continues to improve, the financial market is also expanding, the business diversification trend of commercial banks is more and more obvious, and the banking supervision is an important part of promoting the healthy and sustainable development of banking business, but also the core of the stable development of Chinese financial market. The constant change of the development of the banking industry also puts forward higher requirements for its supervision. This paper combed the since Chinese reform and opening up the evolution of the banking supervision system, analysis of the current situation of Chinese banking regulatory legislation and regulation in the banking management problems, at the same time by comparing the banking regulation law and foreign banking legislation situation in our country, our country banking industry in the future perfect regulation put forward the corresponding countermeasures and Suggestions.
文摘This article explores the challenges of financial sustainability faced by higher education institutions in the United States.Against a backdrop of stringent state and federal regulations coupled with a decline in financial support,institutions are grappling with a shifting landscape.The paper delves into the intricacies of state regulations and funding policies,highlighting their impact on educational establishments.Furthermore,strategies for financial sustainability,including student attraction and retention,are discussed.The article concludes by underscoring the duality of regulations as both challenges and essential resources,suggesting a potential shift towards greater autonomy and a reshaping of the educational landscape in response to modern challenges.
文摘Financial performance is an indicator to measure the strength of a company’s business operation capability,which is of great concern to enterprise managers,external investors,and government regulators.Based on the data of Chinese listed companies from 2012 to 2016,this paper included government administrative penalties regulation into the study of factors influencing corporate financial performance and conducted an empirical analysis.The research shows that punitive supervision has a significant negative impact on corporate financial performance;rectifying the effect on financial performance would increase the operating cost.Simultaneously,the degree of punitive supervision will also affect corporate financial performance,with the financial performance of listed companies subjected to severe punitive supervision being poorer.
文摘The period between 1993 and 2002 was a crucial part of China's macroeconomic regulation and financial reform and opening-up. Throughout most of this phase, the author was involved in making major decisions on monetary policy, financial markets, regulation, reform and opening-up, and fulfilled his duties as a central bank leader. This paper is dedicated to the 60th anniversary of the founding of the People's Republic of China.
