【有文稿】P2P理财投资

Zhao Yang: Einar the P2P industry is relatively young but it seems that the Chinese P2P sector is the biggest one in the world. What actually makes it and which aspects of the P2P industry will authorities be looking to regulate? Einar Tangen: Well they’re looking to regulate the part where people get their money back! That’s basically it. These shops sat up one week and they close the next and the money is gone with them . There are a lot of parts of the industry which are fine and the government actually approves of it. What we are looking at is an inefficient manifestation of shadow banking. It came about because the inability of banks to fulfill their functions at the local level. The banks in China are too large and they are nationally based. They don’t care about small loans and they’re not set up to service them, they don’t have that man-power they aren’t geared that way. The question is if there is a better way to get provide this banking service which gets this risk and the policing; and by policing I mean the collateral policing. How do I know I am going to get my money back? Is this asset backed, do they put up a house or a car do they put up a guarantee how do I know I am going to get my money back. Zhao Yang: So Winston do you think we need [this]? How can we supervise this P2P industry here in China? Can this really work to control the risks? Winston Wong: I think this is an area all over the world that governments are struggling to get a handle on; how to regulate it. It’s just emerging with new technology. In the beginning as people are thinking this is just insecure, this is just something that is between the lenders and the individual borrowers. It’s their business. It’s not posing any systemic risk in the beginning. As long as that’s the way the policy makers probably don’t see any need to supervise them because it’s something that just happens between individuals they are willing to make the transaction and they are not posing any systemic risk. But now as it develops I think it’s growing significantly because as Einar just pointed out the larger banks are unable to meet all the demands of the economy. As their size becomes much bigger, its impact on the rest of the economy has also been felt. And we’ve seen a lot of it. I really don’t see how the government is going to regulate and which part to regulate. It is something that is going to have a lot of trial and error and its something that you are going to have to [find a ] handle on.