中国金融科技监管沙盒机制设计研究

本文旨在从设立中国金融科技监管沙盒的必要性、可行性分析、机制设计等角度,探讨如何识别有价值的创新、缩短金融科技企业的创新周期并及早发现和化解潜在风险等问题。本文发现,金融科技新业态更具有颠覆性创新特征,采用传统金融监管框架可能会抑制创新,而金融科技监管沙盒是帮助平衡金融科技创新与风险的有效手段。建议参考中国香港的沙盒模式,设立由国务院金融稳定发展委员会牵头、人民银行负责,协调银保监会与证监会具体执行的分业沙盒监管框架。

A Research on the Design of China's Fintech Regulatory Sandbox Mechanism

From the perspectives of the necessity, feasibility analysis, and mechanism design of establishing China’s fintech regulatory sandbox, this research aims to discuss how to identify valuable innovations, shorten the innovation cycle of fintech firms, find and resolve potential risks. It’s found that the new fintech business has the characteristics of disruptive innovation, and the adoption of traditional financial regulatory framework may inhibit the innovation, while the fintech regulatory sandbox is an effective method to help balance fintech innovation and risk. It is recommended to refer to the sandbox model of Hong Kong, China, and establish a separate sandbox regulatory framework led by the Financial Stability and Development Committee of the State Council, charged by the People’s Bank of China, and coordinatedly implemented by the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.