Research On Reform Of Third–party Payment Rules In China

The third party payment is an important part of the modern financial service industry which engaged in the intermediary business and also is an importantsupplement for the finance.It plays an important role for completing the financial system.In China,the third party payment institutions is developing very rapidly while the transactions scale continues growing.According to IResearch statistics,in 2014 the third party payment of Internet transactions was 8080.39 billion RMB.In 2015 it was 11 trillion 867.45 billion RMB which increased 46.9% over the previous year.In 2016 it was 15 trillion.As an emerging industry,the third party payment has some characteristics,such as networking,financial nature and risk,etc.It faces some risks in the field of law,information security,deposition and credit,etc.Thus i needs to take necessary regulatory measures to prevent and correct risks.Now some relative laws and regulations have enacted but the third party payment system has not formed.At present,there is little research on the regulation of the third party paymentin China.The latest research focuses on the legal regulation or regulation system.This paper first cards the relative researches on the third party payment and concludes its current situation,then analyses the situation,problems and reasons,at last makes proposals while learning the third party payment reforms of the developed countries such as European and US.Thispaper adopts the Regulation Economics methods to focus on the current situation,problems and reasons of the third party payment regulation,and bases on learning the experience of the developed countries to make proposals for reforming China third party payment regulation.This paper includes seven chapters:Chapter 1 includes two parts.The first part analyses the situation of third party payment institutions and describes background and the significance.The second part makes a review of domestic and foreign literates.Chapter 2 analyses the relative theories which include the basic theory,governmental regulations and necessaries of making regulations,etc.Chapter 3 analyses the various actors of the third party payment institutions and their relationship.Chapter 4analyses current situation of China third party payment regulations at first,such as regulatory agency settings,laws and regulations,market access and price regulations.Then analyses the main problems such as the settings of regulatory agencies,imperfect regulatory legal system,not-strict implementation of market access system,imperfect price regulation and in lack of network technology supervision,etc.Chapter 5 analyses the reasons of problems of the third party payment regulatory agenciesfrom three angles.First,as for the regulatory body,it lacks of regulation.Second,as for the regulation object,the third party payment institutions lack of self-controlling.Third,as for the regulatory system,analyses the reasons.Finally,it use the Play Game theory to make deeper analysis of the problems.Chapter 6 makes a comprehensive analysis mainly from the developed countries regulation system,legal system,market access,quit system and price regulations,etc.Chapter 7 makes proposals the measures for China third party payment regulation reform.