中國大陸的現金貸監管及其經驗 ──金融科技語境下的金融消費者保護

Mainland China's Regulation on “Cash Loan” Business ― Financial Consumer Protection in the Era of Financial Technology

出於維護社會穩定的擔心，中國大陸對「野蠻生長」的現金貸進行監管。這解決了現金貸模式中隱含的金融風險問題，但再次重複了「一放就亂、一管就死」的惡性循環。作者提出，這種惡性循環是金融監管中缺乏對金融消費者的保護所致。傳統的金融監管強調金融穩定，不重視金融消費者保護。但近年的研究表明金融消費者保護與維護金融系統的穩定是一致的。這在中國大陸當下的語境中尤其有意義：金融消費者更容易被誘導過度借貸，進而引發金融風險。因此，在金融科技快速發展的當下，中國大陸的金融監管應當注重對金融消費者的保護。

To maintain social stability, the Chinese mainland government has issued strict policies to prevent unsupervised growth of cash loans. It reduced the risks inherent in the cash loan business, but it repeats old pattern of “deregulate, and it creates chaos; regulate, and it kills the industry.” We consider this pattern consequential to the weak protection for financial consumers. Recent studies show that financial consumer protection is consistent with maintaining the stability of the financial system. It should help policy maker be more determined to strengthen financial consumer protection. This is particularly relevant in the current context of mainland China: financial consumers are more likely to be victims of over-lending, which in turn will endanger financial stability.