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Characteristics of China's Internet Financial Risks

Source: Shangpin China | Type: website encyclopedia | Time: September 29, 2014
Human beings are making progress, science and technology are developing, and the network and people's life can no longer be separated. In China, Website Design Internet finance and e-commerce are still in the initial stage of development. It can be said that the research of network finance on its risk and control has just begun. For many special reasons in China's economic and financial field, the risks of China's online finance have the following characteristics compared with those of developed countries.
 
Internet Finance

（1） In terms of security, information technology is weak

Since most of the hardware equipment such as computers and routers used in network finance and the software such as operating technology systems and databases are imported from abroad, the financial sector in China has an incomplete grasp of the performance of these equipment and systems, and there are "congenital deficiencies" in preventing hacker attacks from developed countries. More seriously, developed countries may leave behind fatal insecurity factors such as "back door" when designing these systems. For example, Intel faced some problems when it launched Pentium River, and the Ministry of Information Industry explicitly prohibited the use of such computers within government agencies. In terms of data encryption and identification, China also lacks a complete set of encryption and decryption technology systems with independent intellectual property rights.

（2） In terms of technology selection, technology selection is passive
 
Due to the relatively backward science and technology, China is at the low end of the entire information industry chain. Therefore, it is in a passive situation in terms of technology selection of online financial business. On the one hand, due to the rapid progress of information technology, the technology transmitted to China through technological expansion may have fallen behind; On the other hand, because we do not have the strength to dominate the development of the entire information industry, even if the technology used today is advanced, tomorrow the developed countries will produce revolutionary alternatives through technological change, making China's network financial development always in the trap of catching up and passivity.

（3） In terms of laws and regulations, the construction of laws and regulations is still imperfect
 
The whole legal system construction of our country is still in the process of gradual improvement. A large number of laws and regulations still need to be introduced, and the legal provisions in network finance are even fewer. Except for the Interim Measures for the Administration of Online Banking Business issued by the People's Bank of China and some administrative regulations and operational guidelines issued by the Banking Regulatory Commission, neither the (Commercial Bank Law) nor the (People's Bank of China Law) has any regulations on online banking business. A series of technologies closely related to the development of network finance, such as electronic signature, still need specific refinement in law. This adds additional risks and more uncertainties to China's network financing institutions. In addition, the intercalary or transnational nature of the Internet requires a legal system that is in line with international standards, but there is still a long way to go in China's legal system.

（4） In terms of credit risk, the operation of online financial institutions faces greater risks

China is a country with underdeveloped commercial credit, imperfect bank credit, and unsound social credit relations. How to reduce credit risk is a problem that China's online financial institutions must face and solve.
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