The Lenders Regulations drafted by the central bank have been submitted to the Legislative Affairs Office of the State Council. It is reported that the biggest breakthrough of this regulation is to allow qualified individuals to register loan business, thus breaking the credit market monopolized by banks and solving the financing difficulties of small and medium-sized enterprises.
Liu Ping said that qualified enterprises and individuals can start loan business, and the entry threshold can be appropriately relaxed with reference to the Guiding Opinions on the Pilot of Small Loan Companies.
According to the "Regulations", the money lent must be owned by itself, and it is strictly forbidden to absorb deposits. "Lenders only borrow and don't accept" is also the biggest difference between "lenders" and banks. In addition, the loan interest rate cannot exceed 4 times the benchmark interest rate; Company bosses and executives should have no criminal record and bad credit record.
According to the Lender's Bill, the collateral will no longer be limited to real estate such as houses, machinery and equipment, and both lenders and borrowers can completely incorporate movable property such as accounts receivable and farmers' land transfer into the collateral according to their own consultations.
Liu Ping stressed that "once someone is found to illegally raise funds through lending, he will be disqualified from lending".
Zhao Xijun, deputy director of the Institute of Finance and Finance of China Renmin University, believes that the regulations are a more significant financial breakthrough after the pilot of microfinance companies and will play a positive role in stimulating domestic demand. In July 2008, the China Banking Regulatory Commission and the Central Bank approved Zhejiang Province to become the first pilot province of microfinance companies, allowing natural persons, corporate legal persons and other social organizations that meet certain capital conditions to invest and set up microfinance companies, opening up financing channels outside the traditional banking system for small and medium-sized enterprises and farmers, and making the long-standing private lending "sunny".
The promotion speed of this pilot far exceeds people's expectations. Up to now, dozens of small loan companies have opened their doors nationwide. Meng Jianbo, deputy director of Guangdong Banking Regulatory Bureau, said earlier that Guangdong Province is formulating relevant policies and regulations for microfinance companies.
The Money Lenders Ordinance is widely circulated among the people. According to informed sources, the future Lenders Ordinance may refer to the relevant contents and spirit of the Hong Kong Lenders Ordinance.
Although the popular lending behavior has spawned a large number of "lenders", the Lenders Regulations submitted to the Legislative Affairs Office of the State Council three years ago have not yet been promulgated.
An insider who participated in the discussion of the Lenders' Regulations revealed that allowing individuals to register for lending business is considered to be the biggest breakthrough of the Lenders' Regulations. Eligible enterprises and individuals can start loan business. Of course, the money used for lending must be its own, and it is strictly forbidden to absorb deposits.
"Madness" and "chaos" are not the true colors and proper images of private lending, and all sectors of society still have high hopes for the promulgation of the Lenders Ordinance: the "sunshine" of private lending should be broken through.
Full of ups and downs
In fact, the discussion on the Money Lenders Ordinance was earlier than three years ago, and it is still "only heard the sound of stairs, but no one came down".
In 2006, the Blue Book of the Report on the Development of Private Economy in China suggested that the Lender's Regulations should be formulated, so that a lot of private finance living underground can come to the stage. At the beginning of 2007, the relevant person in charge of the Research Bureau of the Central Bank said that the Lender Regulations were under discussion. In August 2008, the Central Bank's Monetary Policy Implementation Report for the Second Quarter of 2008 proposed that we should speed up the legislative process of non-deposit-taking lenders in China, and timely issue the Lenders' Regulations to legally position private lending and guide its "sunny" and standardized development.
In June 2008 +2008 10+June 2008, the relevant person in charge of the Research Bureau of the Central Bank said that the Lender Regulations would be formulated as soon as possible to open the credit market. Lenders' regulations focus on protecting the lending rights of those who have funds, which is a respect for their right to use private property. Standardized private lending can block illegal capital channels such as underground banks and make private finance play a role in promoting the financing of small and medium-sized enterprises; Also in June 2008, 5438+065438+ 10, the head of the Research Bureau of the Central Bank revealed that the draft Lenders' Regulations drafted by the Central Bank had been reported to the Legislative Affairs Office of the State Council, and private lending was expected to be regulated through national legislation.
In March 2009, Suning, then deputy governor of the central bank, said that the specific time for the promulgation of the Lenders Regulations had not yet been determined.
In mid-April, 2009, the Legislative Affairs Office of the State Council conducted an investigation on the Lender Regulations, which was included in the second legislative plan of the Legislative Affairs Office. At that time, some analysts thought that it was unlikely to be introduced this year.
On June 5438+065438+ 10, 2009, the second meeting of the China-UK Corporate Bond Market Forum revealed that the Financial Research Institute of the Central Bank and the British Embassy signed a cooperative research agreement to promote non-deposit lender regulations and other projects.
In July, 2065438+00, the Sino-British International Seminar on Financing for Small and Medium-sized Enterprises, co-sponsored by the Financial Research Institute of the Central Bank and the British Embassy in China, revealed that the research on three topics, such as "Legislative Framework for Non-bank Lenders", was progressing smoothly and some preliminary results were achieved.
Property identification
By combing the "growth history" of the Lender's Regulations mentioned above, we can see that the draft Lender's Regulations submitted to the Legislative Affairs Office of the State Council three years ago has not been unanimously recognized by all parties, so the relevant research and discussion have continued to this day. According to informed sources, arguments and obstacles do exist.
The first obstacle is the general rules of lending. At present, the lender refers to a financial institution established in People's Republic of China (PRC) with the approval of the the State Council Banking Regulatory Authority and with the qualification of loan business.
Obviously, the definition of the lender's identity in the General Principles of Loans is different from the spirit of "qualified enterprises and individuals can start loan business" advocated in the Lenders' Regulations. The general principles of loans have not been updated or revised so far.
The above-mentioned insider said: "There is no problem for one person to lend money to another person, but people above 10 lend money to one person. What is the essence? How to distinguish this behavior from illegal fund-raising? Where is the boundary between legal lending and illegal fund-raising? These issues are still controversial. "
Recently, the China Banking Regulatory Commission issued a risk warning on the P2P phenomenon. CreditEase's "personal loan" has become the focus of attention in the field of private lending. "Everyone's loan" means that individuals with funds lend money to people with loan needs by means of credit loans through intermediaries.
Yi Signal is called "China's leading professional service platform for consulting and managing personal credit loans", and it is the first in China to launch person-to-person (P2P) credit loans and wealth management services.
The problem is that CreditEase is engaged in financial business, but CreditEase does not have an "identity card" of a "financial intermediary"-a financial license. CreditEase is a consulting company registered in the industrial and commercial sector. There is still a regulatory gap in the financial business of such companies.
According to relevant statistics, since 2009, there are about 40 platform companies under the banner of "P2P", and most P2P lending platforms have broken through the mode of relying on the Internet and turned to offline marketing. How to identify the nature of such companies is also one of the questions to be answered in the future Lender Regulations.
There are different opinions on whether the supervision of lenders should be handed over to the local financial office or supervised by the financial supervision department, which is also the content that needs to be clarified in the Lenders Regulations.
open the market
In view of the huge financing demand of small and medium-sized enterprises, developing non-absorbing public deposit lenders and further opening up the loan market will become an important part of China's financial reform in the coming period.
Private lending is not a scourge, but a powerful financial resource. The rich practice of private lending provides basic materials for the formulation of the Lenders' Regulations.
Some people think that at present, in addition to the middle class with a small amount of spare money, private borrowers are mainly composed of three parts: first, business owners who have withdrawn from the real economy, second, investors who have withdrawn from the stock market, and third, investors who have recently withdrawn from the housing market. Some lending behaviors are aimed at borrowers, and some lend money to borrowers through intermediaries.
Fang Fang, the founder of Fangxing Qianzhuang, the first private money house in New China, and the chairman of Wenzhou Fangxing Guarantee Co., Ltd., told the Financial Weekly reporter: "The laws and regulations on private lending should recognize the role of a large number of private' financial brokers' and issue them business licenses. It is in line with the actual needs for a village to issue one or two financial broker licenses. "
Fang said: "Of course, the scale of capital or assets of financial brokers can be stipulated accordingly to prevent risks."
According to informed sources, the future Lender's Ordinance may refer to the relevant contents and spirit of the Hong Kong Lender's Ordinance, which will not only stipulate the lender's subject, loan object and interest rate, but also regulate the lender's creditor's rights and loan publicity.
In view of the current situation in China, the Lenders' Regulations can temporarily set a relatively flexible interest rate ceiling. For example, the maximum loan interest rate shall not exceed 4 times the benchmark interest rate of similar loans of banks determined by the People's Bank of China.