中國大陸金融科技發展與金融監管的政治經濟分析

Political and Economic Analysis of China's Fintech Development and Financial Regulation

高科技促進金融活動，大幅提高效率及市場範圍，因此產業結構、運作與管理產生了重大的變化。近年來中國大陸內部行動支付已快速取代傳統的現金支付，其背後的驅動力是金融與科技的結合與發展，為產業帶來破壞式創新，但政府政策與監管卻與產業發展出現矛盾。金融科技（Fintech）乃是必要的變化，國有銀行亦開始與高科技公司合作推動更多元的業務，私人金融科技企業的發展更是驚人，惟中央政府提出相應的規範時，卻導致許多衝突。本文旨在探索為何中國大陸金融科技發展如此迅速？具私有性質的Fintech在國有為主的金融體系中如何發展？兩者間的矛盾又源自何處？本文認為關鍵在於政府的宏觀目標與Fintech企業的微觀方向之差異。本文試圖進而了解社會主義體制中Fintech發展的脈絡，嘗試提出一個政治經濟學的解釋。

Technological development has facilitated the financial activities and improved market efficiency. Accordingly, the industrial structure, operation, and management in the financial sector have greatly changed. Online payment has developed rapidly and replaced the traditional cash payment. The driving force is the combination and development of finance and technology and the introduction of destructive innovation. Nonetheless, there exists a contradiction between the state regulation and industrial development. For the financial institutions, it is necessary to adopt financial technology (Fintech). The state banks have cooperated with high technology companies and have provided more diverse services. The private sector has also expanded enormously and monopolized the market. Hence, the central authority has announced the corresponding regulations but resulted in conflicts. This article aims to explore why the Fintech sector has quickly evolved in China. How have the private Fintech enterprises survived and become dominate actors in the Chinese state-led financial sector? What has resulted in the contradictory situation? This article argues that the key lies within the gap between the government's economic policy and goals at the micro-level and the operational objectives of the Fintech companies at the micro-level. It also clarifies the Fintech development within the socialist regime and proposes a political economic analytical framework.