Recently, the people's Bank of China, the China Banking and Insurance Regulatory Commission, the national development and Reform Commission and other departments have made intensive sound deployment to strengthen the licensed operation of financial business. Many local banking and insurance regulatory bureaus have also included this into the focus of preventing and resolving financial risks in 2022. The reporter of the economic information daily learned that in the future, relevant departments will implement functional supervision, continue to crack down on cross-border illegal financial activities, and study the cross regional exhibition and supervision of various financial institutions. Experts said that the illegal financial activities of "driving without a license" interfere with the normal financial order of China's market, breed hidden financial risks, and also bring capital and information risks to the specific customers involved. To strengthen the supervision of financial licensing, we should continue to improve the supervision rules of financial business, supplement the institutional weaknesses represented by the specific development rules of local financial business, and clarify the boundary and content of licensing, especially for innovative businesses with real market demand, which should be scientifically standardized to achieve the unity of development and governance. Intensive supervision and strengthening financial licensed operation Recently, the people's Bank of China, the China Banking and Insurance Regulatory Commission, the national development and Reform Commission and other departments have made intensive deployment to strengthen the supervision of financial industry licenses. Sun Tianqi, director of the financial stability bureau of the people's Bank of China, recently wrote that finance, as a franchise industry, must be licensed. He pointed out that financial licenses have national boundaries; The licenses of most small and medium-sized institutions in China also have regional restrictions; Some financial products or services can only be provided for specific objects, which should also be resolutely implemented in the digital environment, and can not be sold indiscriminately in the whole network. The several opinions on promoting the standardized, healthy and sustainable development of the platform economy jointly issued by the national development and Reform Commission, the people's Bank of China and other nine departments a few days ago emphasizes the improvement of the regulatory rule system in the financial field in terms of improving the rule system, insists that all financial activities should be included in financial supervision, and financial businesses must be licensed. The working meeting of the CBRC in 2022 said that we should adhere to the licensed business rules of financial business and severely crack down on "unlicensed driving". Many local banking and insurance regulatory bureaus have also included this into the focus of preventing and resolving financial risks in 2022. Shenzhen banking and insurance regulatory bureau pointed out that it will severely crack down on "unlicensed driving" and "violation of regulations with licenses" in the financial market. Qinghai banking and insurance regulatory bureau also said that it would adhere to the licensed business rules of financial business and strictly investigate and deal with "unlicensed driving". "Finance is the hub of the operation of the modern economic system. Therefore, it has become a franchise industry. Licensing is not only the basic principle of its business activities, but also an important starting point for the government's administrative supervision. This direction will continue to be strengthened now and in the future." Che Ning, deputy director of the Research Center for the rule of law and sustainable development of China University of political science and law, said that specifically, on the one hand, the management principles of licensed operation will continue to be implemented in the management departments and business fields, whether it is the people's Bank of China, the China Banking and Insurance Regulatory Commission and other relevant institutions, whether it is traditional financial business or emerging fields affected by the Internet and platform economy; On the other hand, in terms of time, whether it is the climbing stage of risk disposal or the improvement period of regulatory rules, whether it is a case or general, "unlicensed driving" will be severely punished. It refers to cross-border and cross regional illegal financial business The industry pointed out that the current problem of financial "unlicensed driving" is mainly in the field of cross-border and cross regional financial business. These illegal financial activities interfere with the normal financial order of China's market and breed hidden financial risks. Chening said that the current "unlicensed driving" mainly occurs in the field of illegal cross-border financial activities, mainly involving the illegal provision of bank accounts, payment services, securities investment, insurance sales, digital currency and other products to domestic customers by using overseas licenses rather than licenses issued by China's regulatory authorities or even without licenses. In addition, in the field of local financial business, especially in credit related fields, there are some cases of beyond scope operation. These activities not only interfere with the normal financial order of China's market and breed hidden financial risks, but also bring capital and information risks to the specific customers involved. Sun Tianqi pointed out that under the background of the rapid development of digital economy, deepening reform and expanding opening-up in the financial field, Internet platforms or technologies have played a positive role in enhancing the customer access ability of financial institutions, especially small and medium-sized financial institutions, expanding the breadth and depth of Inclusive Finance and improving the convenience of financial services. But at the same time, there are some problems and potential risks in this process. Some overseas institutions carry out cross-border financial businesses prohibited in China and not opened to the outside world to domestic entities. Some overseas licensed institutions have not obtained relevant domestic licenses and provide financial services to domestic entities through the Internet. For example, on some overseas bank websites, domestic individuals directly open accounts when they submit account opening information through the Internet (there is no witness link in the middle). Subsequently, domestic individuals fabricated false names such as "tourism" and remitted domestic funds to overseas individuals' accounts with the same name (mostly guided by the "remittance" of domestic partners of overseas banks); Some overseas insurance institutions solicit business and sell investment insurance products across the border without China's access through digital platforms and with the help of offline disguised and substantive commercial presence. Relevant regulatory rules are being improved In fact, a series of regulatory measures have been implemented for the problem of financial "unlicensed driving". Among them, for cross regional exhibition industry, after 2020, the CBRC successively issued rules that local corporate banks shall not carry out Internet loan business across the jurisdiction of registration; In January 2021, the China Banking and Insurance Regulatory Commission and the people's Bank of China issued a notice specifying that commercial banks shall not carry out time deposits and fixed and flexible deposits through third-party Internet platforms, and the stock business shall be settled naturally after maturity. Remote deposits on third-party Internet platforms are also prohibited. After that, the financial management department required local corporate banks not to open off-site deposits in various ways, and cross regional deposits on the self operated platforms of relevant commercial banks were also prohibited. Sun Tianqi said that under the condition of digital economy, financial institutions can technically achieve cross regional exhibition. In the future, we need to study and discuss the cross regional development and supervision of various financial institutions. He pointed out that under the condition of digital economy, the realization of the regional boundary and customer group boundary of financial licenses requires the efforts of the regulatory authorities. Functional supervision should be implemented. It can not be said that "the license plate is not issued by me and is not under my control". People are in the "position". To crack down on violations of laws and regulations on Internet platforms, we must "fight early" and "fight small". For illegal and illegal financial activities, heavy penalties must be imposed, and criminal and civil responsibilities must be strictly investigated. Che Ning said that to strengthen the supervision of financial licensing, we should first continue to improve the financial business supervision rules, supplement the institutional weaknesses represented by the specific exhibition rules of local financial business, and clarify the boundary and content of licensing, especially for innovative businesses with real demand in the market, we should scientifically standardize them to achieve the unity of development and governance. On this basis, we will continue to strengthen information sharing and Law Enforcement Coordination between central financial regulators and local financial regulators, domestic financial regulators and overseas financial regulators, strengthen the governance of "unlicensed driving" and beyond scope operations, solidify the working mechanism and avoid the formation of regulatory "depressions". (Xinhua News Agency)