中国互联网金融新规力图平衡创新风险“BOB博鱼·(Boyu)”

Chinas 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 governments support for incumbent banks.分析人士回应，中国于是以采取措施，监管互联网金融，这是这个基本上在真空环境下运营的行业南北法制化的一项大力措施，但这些规定也体现出有政府对现有银行的反对。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.还包括央行、银监会以及证监会在内的10个部委本月牵头印发指导意见，就“互联网金融”得出官方定义，并具体了对各类互联网金融机构的监管分工。

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.这些规定将创立一个清晰的运营监管框架，掩饰互联网金融服务运营商不可信的名声，从而反对互联网金融服务的快速增长，例如在线缴纳、个人对个人（peer-to-peer，全称P2P）贷款、股权众筹融资以及资产管理等服务。They will also promote consolidation, as weaker players that cant meet more stringent requirements fall by the wayside or get acquired.规定还将推展统合，约将近更加严格要求的实力较强的参与者将倒闭或被并购。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.跟踪P2P贷款行业的网站网贷之家(Online Lending House)首席执行官徐红伟回应：“监管将构建业务的标准化，并让这个行业曝露在阳光之下。那些被视作正处于灰色领域的作法将被禁令。

”But regulation will also increase operating costs, causing some of the lower ranking and weaker players who cant make the cut to go bankrupt. And it will raise barriers to entry. Average people wont be able to get in any more.“但监管还将提升运营成本，造成一些评级较低且实力较强的参与者倒闭。同时这将提升管理制度门槛。

普通人无法再行转入了。”As regulation takes effect, analysts say big players such as Alibabas finance affiliate, Zhejiang Ant Small Micro Financial Services, stand to benefit. Ant Financial controls the leading third-party online payment service, Alipay, and the countrys biggest money-market fund, YuE Bao, which is marketed online.分析人士回应，随着监管规定的实行，大型参与者将获益，例如阿里巴巴(Alibaba)旗下的金融业务浙江蚂蚁小微金融服务公司(Zhejiang Ant Small Micro Financial Services)。

蚂蚁金融掌控着领先第三方在线缴纳服务支付宝(Alipay)以及中国仅次于货币市场基金余额宝(YuE 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 countrys sixth-largest lender, that focuses on wealth management.互联网金融行业的其他重量级参与者还包括平安保险(Ping An Insurance)旗下的P2P贷款机构陆金所(Lufax);上海宝钢集团(Shanghai Baosteel Group)旗下负责管理为钢铁交易商获取融资的机构；以及中国第六大银行招商银行(China Merchants Bank)旗下注目财富管理的小企业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.这些新规期望把P2P贷款与银行业显著区别出去。P2P贷款必需具体告诉客户，它们只是借款人和贷款人之间的中介机构，不得吸收存款或获取借贷。P2P平台也不得为自己的项目筹集资金。

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.然而一些行业内部人士担忧，这些新规限制性过于强劲，且指责现有金融机构，尤其是国有银行。近期的指导意见所列了总体原则，各个部委的详尽规定将在未来几个月实施。

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