Research On The Legal Regulation Of The Private Lending Market In China

With the rapid development of economy in our country,in recent years about the folk lending disputes,increase in the number of cases of illegal fund raising,usury properties,exposed many problems exist in our country folk lending market.Such as the market main body,financing difficulties,"hot money" phenomenon is serious,the national tax evasion,underground activity is rampant,excessively high interest rates and asset bubbles rising problems,serious threat to our country's financial stability and property safety of market main body.To this,put forward the policy financial system reform in our country,the development of the financial market and encourage financial innovation.In this context,how to as part of the financial markets of folk loan market corresponding legal regulation,has become a hot issue in theory and judicial practice of law.Private lending market refers to the spontaneous formation of the historical development process,from the formal financial credit system,not or not fully mastered by the our country financial regulation department,funded by formal financial institutions,or by illegal procedures from financial institutions to obtain,for different types of borrowing content related to financing activities,also known as non-formal or informal financial markets,the gray market,underground market,the folk financial markets,etc.According to the location of different,the main body,is profitable and whether the legitimate private lending market can be typed.Of private lending market is based on the conservative,government regulation and market conflicts of interest,financial rights cannot guarantee and together with the local social culture.Legal regulation refers to the informal lending market into the private lending market law,be determined by the law of public power regulation department in accordance with the law of private lending market main body and its supervision and management activities.Its legal regulating includes main body,legal regulation,legal regulation of the three elements of content objects.From ensures stable operation of national regulation economy,financial rights,market defect,and tax regulation perspective,such as the necessity of legal regulation of private lending market has reasonable analysis;From the state of the national policy,institutional change,and the practice in our country,the legal regulation of private lending market has its feasibility.Based on different historical background,the legal regulation of private lending market in China has experienced the absolutely prohibited,relatively loose,strict control and deregulation four periods.Due to a variety of reasons for private lending market development into borrowing,scope expands unceasingly,borrowing main body and a variety of forms,excessively high interest rates and asset bubbles growing of the current market situation.Down the legal regulation on the reason is: in the regulation on the concept,legislative idea,legal regulation goal behind;On legislation,there is no clear legal status and legal regulation of private lending market,laws and regulations conflict with hysteresis,the private lending market behavior nature did not distinguish between civil and commercial legal and illegal;On law enforcement,chaos,regulators power rent-seeking phenomenon and low level of law enforcement problems.By law regulation problems reflect,in the aspect of legal regulation system for consummates our country folk lending market should regulation goal,legislation,law enforcement.Determine the economic main body financial rights priority,government regulation is reasonable has a limit,based on the country's financial stability and regulation of benefit maximization goal,clear private lending market belongs to the cross regulation of economic law and private law legislation orientation,admitted that private lending market is financial markets certainly source and its legal status,based on the cross,public or private folk lending market legal regulation system.Due to the diversity of market behavior main body,it is impossible to regulation,should be distinguished according to the nature of private lending market behavior to mutual basis of behavior,non-profit foundation behavior and illegal behavior and the difference between rules and regulations,and establish the corresponding risk prevention mechanism,is advantageous to the regulation efficiency and dissolve the risk in advance.In order to guarantee the benign development of the market and financial rights of market main body,should improve the private lending market entry and exit mechanism.In specific law enforcement process,clear regulatory body for the China banking regulatory commission and local government,industry association is complementary regulatory model,and define the responsibility of the regulatory body consequences,from the perspective of internal and external supervision regulation and macroscopic to improve the level of law enforcement.