中国互联网金融新规力图平衡创新风险

China's move to regulate internet finance is apositive step towards legitimising a sector that haslargely operated in a vacuum, analysts say, but therules also reflect the government's support forincumbent banks.

分析人士表示，中国正采取措施，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走向法制化的一项积极举措，但这些规定也反映出政府对现有银行的支持。

Ten agencies including the central bank, the bankingregulator and the securities regulator jointly issuedguidelines this month that provide an official definition of "internet finance" and specify whichagencies are responsible for regulating which types of internet financial institutions.

包括央行、银监会以及证监会在内的10个部委本月联合印发指导意见，就“互联网金融给出官方定义，并明确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 clearregulatory framework under which they operate, cleansing their reputation as fly-by-nightoperators.

这些规定将创建一个明晰的运营监管框架，洗刷互联网金融服务运营商不可靠的名声，从而支持互联网金融服务的增长，例如在线支付、个人对个人(peer-to-peer，简称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 can't meet more stringentrequirements fall by the wayside or get acquired.

规定还将推动整合，达不到更严格要求的实力较弱的参与者将破产或被收购。

"Regulation will standardise operations and expose the industry to sunlight. Practices that wereseen as existing in a grey area will be forbidden," says Xu Hongwei, chief executive of OnlineLending House, a website that tracks the P2P industry.

追踪P2P贷款行业的网站网贷之家(Online Lending House)首席执行官徐红伟表示：“监管将实现业务的标准化，并让这个行业暴露在阳光之下。那些被视为处于灰色领域的做法将被禁止。

"But regulation will also increase operating costs, causing some of the lower ranking andweaker players who can't make the cut to go bankrupt. And it will raise barriers to entry.Average people won't be able to get in any more."

“但监管还将提高运营成本，导致一些评级较低且实力较弱的参与者破产。同时这将提高准入门槛。普通人无法再进入了。

As regulation takes effect, analysts say big players such as Alibaba's finance affiliate, ZhejiangAnt Small & Micro Financial Services, stand to benefit. Ant Financial controls the leadingthird-party online payment service, Alipay, and the country's biggest money-market fund, Yu'EBao, which is marketed online.

分析人士表示，随着监管规定的实施，大型参与者将受益，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)。蚂蚁金融控制着领先第三方在线支付服务支付宝(Alipay)以及中国最大货币市场基金余额宝(Yu'E Bao)。

Other heavyweights in the internet finance space include Lufax, a P2P lending subsidiary of PingAn Insurance; Ouyeel, a unit of Shanghai Baosteel Group that provides financing for steeltraders; and Small Entrepreneur, a unit of China Merchants Bank, the country's sixth-largestlender, that focuses on wealth management.

互联网金融行业的其他重量级参与者包括平安保险(Ping An Insurance)旗下的P2P贷款机构陆金所(Lufax);上海宝钢集团(Shanghai Baosteel Group)旗下负责为钢铁交易商提供融资的机构;以及中国第六大银行招商银行(China Merchants Bank)旗下关注财富管理的小企业E家(Small Entrepreneur)。

The new rules seek to draw a clear line between P2P lending and banking. P2P platforms mustclearly disclose to customers that they are only intermediaries between borrowers and lendersand are forbidden from taking deposits or providing guarantees. P2P platforms are also notallowed to raise funds for their own projects.

这些新规希望把P2P贷款与银行业明显区别开来。P2P贷款必须明确告知客户，它们只是借款人和贷款人之间的中介机构，不得吸收存款或提供担保。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 incumbentfinancial institutions, especially the state-owned banks, and are awaiting further guidance. Thelatest guidelines laid out broad principles, with detailed regulations from specific agencies tofollow in the coming months.

然而一些行业内部人士担心，这些新规限制性太强，且偏袒现有金融机构，特别是国有银行。最新的指导意见列出了总体原则，各个部委的详细规定将在未来几个月出台。