Internet finance is a new financial business model for traditional financial institutions and Internet enterprises to realize financing, payment, investment and information intermediary services by using Internet technology and information communication technology. This is also a topic closely watched by investors. What are the Internet financial products in the Internet finance guidance issued in July? The following small series will explain it for everyone. The Guiding Opinions on Promoting the Healthy Development of Internet Finance (hereinafter referred to as the Opinions) was officially released. The opinion clearly stipulates that: 1, China People's Bank is responsible for the supervision and management of Internet payment business; 2. The CBRC is responsible for the supervision and management of person-to-person loans (commonly known as P2P online loans), Internet trust and Internet consumer finance, including person-to-person loans and online micro-loans; 3. The CSRC is responsible for the supervision and management of equity crowdfunding and Internet fund sales; 4 China CIRC is responsible for the supervision and management of Internet insurance. Detailed rules in the field of Internet finance, including P2P online lending, will be announced slowly in the future. Regarding this opinion, the central bank also made a detailed interpretation, as follows: 1. Q: What is Internet finance? What is the significance of developing Internet finance? A: Internet finance is a new financial business model that traditional financial institutions and Internet companies use Internet technology and information communication technology to realize financing, payment, investment and information intermediary services. The main formats of Internet finance include Internet payment, peer-to-peer lending, equity crowdfunding, Internet fund sales, Internet insurance, Internet trust and Internet consumer finance. The development of internet finance is of great significance for promoting financial inclusion, opening the door to mass entrepreneurship and innovation, meeting the investment and financing needs of small and micro enterprises and low-and middle-income groups, improving the quality and efficiency of financial services, guiding private finance to standardization and expanding the opening up of the financial industry. 2. Q: Why should the Guiding Opinions be formulated? A: As a new thing, Internet finance needs both market drive and policy assistance to promote healthy development. In recent years, China's Internet finance has developed rapidly, but it has also exposed some problems and hidden risks, including: (1) lack of thresholds, rules and supervision for industry development; There are hidden dangers in the safety of customers' funds, and there have been many incidents in which operators "run away with money"; The internal control system of the organization is not perfect and there are operational risks; The credit system and financial consumer protection mechanism are not perfect; The information security level of employees needs to be improved. The essence of internet finance still belongs to finance, and it has not changed the essential attribute of financial operation risk, nor has it changed the concealment, contagiousness, extensiveness and suddenness of financial risk. The CPC Central Committee and the State Council attached great importance to the healthy development of the Internet finance industry, and put forward clear requirements for policies and measures to support development and improve supervision. In order to encourage the innovative development of Internet finance, create a good policy environment, standardize the business activities of employees, and maintain market order, we should take necessary policy measures to respond to social and industry concerns, and thoroughly study how to promote the development of inclusive finance, encourage financial innovation, improve financial supervision, and guide and promote the healthy development of Internet finance under the new market environment and consumer demand. To this end, the People's Bank of China, in accordance with the deployment of the CPC Central Committee and the State Council, and in accordance with the overall requirements of "encouraging innovation, preventing risks, seeking advantages and avoiding disadvantages, and developing healthily", jointly formulated the Guiding Opinions with relevant departments. 3. Q: What policies and measures are proposed in the Guiding Opinions to encourage innovation and support the steady development of Internet finance? A: First, actively encourage innovation in Internet financial platforms, products and services to stimulate market vitality. Support qualified financial institutions to build innovative Internet platforms and carry out online banking, Internet securities, online insurance, online fund sales and online consumer finance; Support Internet companies to establish Internet payment institutions, peer-to-peer lending platforms, equity crowdfunding platforms and online financial product sales platforms according to laws and regulations; Encourage e-commerce enterprises to build and improve the online financial service system and effectively expand the e-commerce supply chain business under the conditions of complying with financial laws and regulations; Encourage employees to actively carry out product, service, technology and management innovation to enhance the core competitiveness of employees. The second is to encourage employees to cooperate with each other to achieve complementary advantages. Support financial institutions, micro-financial service institutions and Internet enterprises to carry out business cooperation, innovate business models, and establish a good ecological environment and industrial chain for Internet finance. The third is to broaden the financing channels for employees and improve the financing environment. Support social capital to initiate the establishment of Internet financial industry investment funds; Encourage qualified high-quality employees to list and finance in domestic capital markets such as main board and growth enterprise market; Encourage banking financial institutions to support start-ups in accordance with various financial policies that support the development of small and micro enterprises. Fourth, relevant government departments should adhere to decentralization, provide quality services and create a good institutional environment conducive to the development of Internet finance. Encourage provincial people's governments to increase policy support for Internet finance. The fifth is to implement and improve relevant fiscal and taxation policies. For institutions with small business scale and in the initial stage, if they meet the current tax policy conditions of small and medium-sized enterprises, especially small and micro enterprises in China, they can enjoy preferential tax policies according to regulations; Combine the reform of changing business tax to value-added tax in the financial industry, and make overall plans to improve the tax policy of internet finance; Implement the pre-tax deduction policy for research and development expenses of new technologies and new products in public institutions. The sixth is to promote the construction of credit infrastructure and cultivate the supporting service system of Internet finance. Encourage institutions to establish a credit information sharing platform according to law; Encourage qualified institutions to apply for credit reporting business licenses according to law, promote market-oriented credit reporting services, and enhance information transparency; Encourage intermediaries such as accounting, auditing, law and consulting to provide relevant professional services for Internet enterprises. 4. Q: How does the Guiding Opinions stipulate the regulatory division of labor and basic business rules of Internet finance? A: According to the Guiding Opinions, we should follow the principles of "legal supervision, moderate supervision, classified supervision, collaborative supervision and innovative supervision", scientifically and reasonably define the business boundaries and access conditions of various formats, implement regulatory responsibilities, clarify the bottom line of risks, protect legal operations, and resolutely crack down on illegal activities. In the division of supervisory responsibilities, the People's Bank of China is responsible for the supervision and management of Internet payment services; The CBRC is responsible for the supervision and management of person-to-person loans, including person-to-person loans and online micro-loans, as well as Internet trust and Internet consumer finance; The CSRC is responsible for the supervision and management of equity crowdfunding and Internet fund sales; China CIRC is responsible for the supervision and management of Internet insurance. In addition, the Guiding Opinions also stipulates the basic business rules that Internet payment, peer-to-peer lending, equity crowdfunding, Internet fund sales, Internet trust and Internet consumer finance should abide by. For example, personal peer-to-peer lending business and related institutions should abide by the General Principles of the Civil Law, the Civil Code and other laws and regulations, as well as relevant judicial interpretations in the Supreme People's Court, and relevant institutions should adhere to the platform function and not illegally raise funds; Network microfinance should meet the existing regulatory requirements of microfinance companies; Equity crowdfunding financing should be positioned to serve small and micro enterprises and innovative and entrepreneurial enterprises; Internet fund sales should standardize publicity and promotion to fully reveal risks; Internet insurance should strengthen risk management, improve internal control system, and ensure transaction security, information security and capital security; Trust companies and consumer finance companies that conduct business through the Internet should strictly abide by the regulatory requirements, strengthen risk management, ensure that transactions are legal and compliant, and keep customer information well; When a trust company sells products and conducts other trust businesses through the Internet, it must comply with the regulations on the supervision of qualified investors, carefully identify customers and evaluate their risk tolerance, and cannot sell products to customers that are incompatible with their risk tolerance. 5. Q: What are the requirements of the Guiding Opinions for regulating the order of the Internet financial market? A: First, strengthen the management of the Internet industry. Any organization or individual who runs a website to engage in Internet finance business shall, in addition to fulfilling the relevant financial supervision procedures, also go through the website filing procedures with the competent telecommunications department according to law, otherwise it shall not carry out Internet finance business. The second is to establish a third-party depository system for client funds. Unless otherwise specified, employees shall choose qualified banking financial institutions as fund depository institutions to manage and supervise clients' funds. The third is to improve information disclosure, risk warning and qualified investor system. Employees should fully disclose information to customers, timely disclose relevant information about their business activities and financial status to investors, and give adequate risk warnings. The fourth is to strengthen the protection of consumers' rights and interests, and make provisions on consumer education, contract terms and dispute resolution mechanisms. Fifth, to strengthen network and information security, employees are required to effectively improve the level of technical security and properly keep customer information and transaction information. Relevant departments will formulate technical safety standards and strengthen supervision. Sixth, employees are required to take effective measures to fulfill their anti-money laundering obligations and assist the public security and judicial organs in preventing and cracking down on Internet financial crimes. When cooperating with Internet companies, financial institutions shall not lower the law enforcement standards of anti-money laundering and financial crimes because of the cooperative agency relationship. The seventh is to strengthen the self-discipline of the Internet finance industry. The People's Bank of China, together with relevant departments, established the China Internet Finance Association to give full play to the positive role of the industry self-discipline mechanism in regulating the market behavior of employees and protecting the legitimate rights and interests of the industry. The association shall formulate management rules and industry standards, promote business exchanges and information sharing among employees, clarify the mechanism of self-discipline and punishment, and establish a positive image of honesty and standardization and serving the development of the real economy. Eighth, the contents of regulatory coordination and data statistical monitoring are stipulated. All regulatory authorities should cooperate with each other to form a joint force, give full play to the role of the inter-ministerial joint meeting of financial supervision and coordination, pay close attention to the development of Internet financial services and related risks, and establish and improve the statistical monitoring system of Internet financial data. 6. Q: What will the People's Bank of China and other relevant departments do after the publication of the Guiding Opinions? A: The People's Bank of China will strengthen organizational leadership and division of labor and cooperation with relevant departments, and work hard to formulate supporting regulatory rules to ensure that all policies and measures are put in place; Establish China Internet Finance Association to strengthen industry self-discipline management; Pay close attention to the development of Internet finance business and related risks, track and evaluate regulatory policies, constantly sum up regulatory experience, and make timely adjustment suggestions.

Legal objectivity:

Article 8 of the Network Security Law of the People's Republic of China is responsible for the overall coordination and relevant supervision and management of network security. The State Council telecommunications authorities, public security departments and other relevant departments are responsible for network security protection, supervision and management within the scope of their respective responsibilities and in accordance with this Law and relevant laws and administrative regulations. The responsibilities of network security protection and supervision and management of relevant departments of local people's governments at or above the county level shall be determined in accordance with relevant state regulations.