苗雷 北京工商大學(xué)嘉華學(xué)院 101118

The development of China's Internet finance is much shorter than that of developed economies such as the US and Europe. Up to now, China's Internet finance can be roughly divided into three stages: the first stage is the internalisation stage of the traditional financial industry in the year; the second stage is the stage of the third-party payment booming around the year; The three stages are the stage of development of the substantive financial business of the Internet since the beginning of the year. In the process of Internet financial development, domestic Internet finance presents a variety of business models and operational mechanisms.

I. Impact of Internet Finance on China's Financial System

(I) Internet Financial Business Models in Related Areas

The impact of Internet business models in related fields is relatively limited, and the impact of Internet money funds on cross-border issues is more obvious.

In the traditional Internet business of Internet, Internet technology is more supportive, upgraded, integrated, and complementary, rather than a substitute. The integration of Internet technology and traditional financial services and the information service of traditional financial services are basically the foundation for the development of traditional finance, which is conducive to the sustainable development of traditional finance and the maintenance of competitiveness. Internet finance is still a perfection of traditional finance. supplement.The traditional financial business relies on Internet technology to realize the innovative development of financial business.It is also an important way to promote the development of traditional finance. However, some innovative businesses have an alternative or a cross-border impact on traditional finance,which has a certain impact on traditional finance. Such as the balance treasure.

(II) The impact of Internet Finance on the Banking Sector

Internet finance has a limited direct impact on the banking sector, but the long-term potential impact will be more profound. Internet finance, as a typical representative of financial disintermediation, will result in a certain degree of change in payment and liquidation, capital flows, financial products and market structure. The most direct impact will be on the traditional financial sector, especially the banking sector.In the short term, as China is still a bank-led financial system,the direct impact of Internet finance is generally small, but in the long run, Internet finance may have a profound impact on the banking sector.

First, third-party payments not only affect the bank's service channels, but can ultimately compete directly with banks in credit creation and financing services. The vigorous development of third-party payment makes the channels of deposit, loan, remittance and other services diversified. It is a competitor of the payment settlement system. At the same time,third-party payment will gradually penetrate into the subjective and substantive financial services, and will be in credit creation and financing services. Such areas compete with banks and so on.

Secondly, the banking industry faces the dual impact of the "capital" disintermediation of the financial system and the "technical" disintermediation of the Internet. With the continuous advancement of China's interest rate marketization and the development of Internet finance, the Chinese banking industry is facing the double impact of the "capital"disintermediation of the financial system, such as shadow banking, and the "technical" disintermediation of Internet finance, and the Internet. Development and popularization have amplified the impact of financial disintermediation.

II. Suggestions for Internet Finance Development and Supervision

(1) Inter-network Financial Supervision Encourages Development and Risk Prevention

First, the financial supervision of the Internet should be based on the principle of inclusive, encouraging, and standardizing the long-term sustainable development of the Internet, and encouraging development and risk prevention.First, "inclusiveness, encouragement, guidance, and regulation"are the basic principles of Internet financial regulation. Internetwork financial regulation should be inclusive. Second, it is true that "time, professional, and effective" supervision,prevention of systemic and regional risks. Third, strictly guard against the generalization of financial supervision of the Internet, classify and supervise according to the Internet financial business model, and clearly define the regulatory body,regulatory targets and supervision scope of Internet finance,and distinguish the applicability of the principled supervision and restrictive supervision to the different business models of Internet finance.

(2) Establish and Improve the Internet Financial Regulatory Framework

The second is to establish and improve the financial supervision framework for the Internet. First, at the national level, the system of financial supervision of the Internet is established, which clarifies the framework, principles, objectives and overall measures of the Internet financial supervision.Second, based on the current pattern of separate supervision and institutional supervision, the relevant departmental responsibilities should be clearly defined, and relevant departments should issue targeted regulations or regulations for Internet financial supervision. Third, establish an inter-network financial supervision coordination mechanism, pay attention to functional supervision and comprehensive supervision,especially the coordination of the Bank and the Ministry of Industry and Information Technology. Fourth, strengthen the off-site supervision and coordination of information technology and establish effective risk monitoring, early warning and emergency response mechanisms.