China's campaign-style Internet finance governance: Causes, effects, and lessons learned for new information-based approaches to governance,

Xu, Dakang; Tang, Shi-Ya; Guttman, Dan

doi:10.1016/j.clsr.2018.11.002

Cited by 33 publications

(20 citation statements)

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“…Recent reports also examined the potential outcomes of a larger share of fintech-facilitated credit in the economy, finding that while it could increase financial stability by providing access to alternative funding sources and creating efficiency pressures on incumbent banks, it might also weaken lending standards and introduce more procyclical credit provision in the economy (FSB 2017). The rapid fintech growth in China and Southeast Asia led to new research examining domestic regulatory regimes and challenges in these markets and the roles of government regulations through either a single-country or a comparative lens (Shim and Shin 2016;Davis et al 2017;Loubere 2017;Gruin and Knaack 2019;Yang et al 2018;Huang 2018;Wang 2018a;Wang 2018b;Xu et al 2019;Yu and Shen 2019;You 2017;Shaydullina 2018). For instance, Iwasaki's study (2018) examines the emergence of fintech firms in Southeast Asia.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Facing growing market and social pressures, the Chinese government started regulating online lending (Xu et al 2019). The Guiding Opinions on Promoting the Sound Development of Internet Finance, released in 2015, defined the P2P platforms' roles strictly as information intermediaries, with no ability to provide credit enhancement, concentrate funds, or raise funds illegally (PBOC et al 2015).…”

Section: China's Rise In Online Lendingmentioning

confidence: 99%

“…Only 110 platforms, less than 10% of those in operation, secured the three licenses by 2018 (Liu 2018a(Liu , 2018b). The special campaign was extended to June 2019 to allow more time for existing platforms to correct noncompliant behavior and obtain licenses (Xu et al 2019). Further, in November 2019, a notice issued by China's Internet Financial Risk Special Rectification Work Leadership Team Office demanded that all existing P2P firms clear outstanding debt in two years and transition to become online small loan providers (Reuters 2019).…”

Section: China's Rise In Online Lendingmentioning

confidence: 99%

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Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Tritto

Junaedi

2020

Financ Innov

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Peer-to-peer (P2P) lending has the potential to boost financial inclusion in emerging markets. This paper contributes to the literature on fintech governance in emerging Asian markets. It examines the case of the Indonesian government’s approach in regulating the P2P lending sector using both primary interviews and secondary firm-level data. Driven by regulation tightening in China and regulatory gaps in Indonesia, Chinese investments became the largest in this sector contributing, however, to growing risks from illegal business practices. The Indonesian government responded by creating new regulations and institutions, mitigating risks without stifling the potential for financial inclusion. We conclude a proactive approach towards monitoring and regulating emerging high-tech industries should be sought by strengthening links with industry and civil society, and through international cooperation for policy and knowledge sharing.

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Section: Literature Reviewmentioning

confidence: 99%

Section: China's Rise In Online Lendingmentioning

confidence: 99%

Section: China's Rise In Online Lendingmentioning

confidence: 99%

See 1 more Smart Citation

Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Tritto

Junaedi

2020

Financ Innov

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“…This is a borrowing method that breaks away from traditional finance. It is based on information technology and has a relatively low cost but a relatively high rate of return, so it has been favored by people [15]. There are generally three modes of online credit, and the online transaction mode is shown in Figure 1.…”

Section: A Concepts Of Internet Credit Financial Riskmentioning

confidence: 99%

Innovative Risk Early Warning Model Based on Internet of Things Under Big Data Technology

Liu

2021

IEEE Access

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An innovative financial risk early warning model based on the Internet of Things (IoT) big data technology is proposed to maintain the long-term stable development of Internet finance. The Internet credit finance is introduced, a financial risk identification method based on the big data technology is proposed, and a risk assessment method for Internet finance based on back propagation neural network (BPNN) is put forwarded in this study. The actual Internet financial data is selected for verification and analysis. The results reveal that the identification and prediction model of Internet credit finance risk based on big data technology can realize risk analysis of online credit in the Internet credit finance, and can give corresponding credit ratings to new customers on credit platforms. The training error is the lowest when the number of hidden layer nodes is 14; and the training error is the smallest when the learning rate is 0.06; Based on the BPNN, it can accurately assess the financial risks of the Internet credit platform, and the accuracy of its risk level prediction has reached 100%. This study can provide a theoretical basis for the application of IoT big data technology and neural network models in the financial field, and also give an important reference for the risk management of Internet finance.

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“…Second, goal‐based governance typically proceeds in a campaign mode, temporarily replacing standard operating procedures with focused problem‐solving mechanisms and mobilizing human and material resources within a specified period of time triggered by top‐down administrative orders (Guttman & Song, ; Zhou, ), in contrast to the steady deployment of enforcement activities over time in rule‐based governance systems. Campaigns have been a central element of China's governance processes since the Imperial Era (Liu, Lo, Zhan, & Wang, ; Tanner, ; Xu, Tang, & Guttman, ). Since the Huai River case in the 1990s, campaigns have become a common practice in environmental governance in China, often including quick shutdowns of polluting industrial enterprises (Zhang, ).…”

Section: Goal‐based and Rule‐based Governance Strategies In China Andmentioning

confidence: 99%

Back to the future: Can Chinese doubling down and American muddling through fulfill 21st century needs for environmental governance?

Zhao

Young

et al. 2020

Env Pol Gov

Self Cite

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At the close of the last millennium, prominent thinkers projected that the political systems of leading economies would converge during the coming years. Yet, research has shown that China and the United States have developed distinctive institutionalized governance processes (IGPs) to address environmental issues. Can these distinctive processes persist in turbulent times? In reality, the two countries seem to be decoupling in their economic ties and diverging in political pursuit. Under the current circumstances, what can we say about the ability of the two systems to meet emerging environmental challenges of the 21st century? We argue that neither system is likely to experience fundamental change during the foreseeable future. Current developments are highlighting differences between goal‐based governance strategies prominent in China and the rule‐based strategies of the United States. As the urgency of solving transcendent problems like climate change rises and political tensions grow, it is essential to work with divergent systems to address common problems.

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China's campaign-style Internet finance governance: Causes, effects, and lessons learned for new information-based approaches to governance,

Cited by 33 publications

References 0 publications

Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Innovative Risk Early Warning Model Based on Internet of Things Under Big Data Technology

Back to the future: Can Chinese doubling down and American muddling through fulfill 21st century needs for environmental governance?

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