中國(guó)擬對(duì)在線消費(fèi)貸款收緊監(jiān)管

China is preparing to tighten regulation of online consumer lending as part of a campaign against financial risks, dealing a possible setback to Chinese fintech groups that hope to sell shares in the US.

中國(guó)正準(zhǔn)備收緊對(duì)在線消費(fèi)貸款的監(jiān)管，作為遏制金融風(fēng)險(xiǎn)全面行動(dòng)的一部分，此舉對(duì)希望在美國(guó)發(fā)售股票的中國(guó)金融科技集團(tuán)來(lái)說(shuō)可能是一個(gè)挫折。

Household debt in China remains low as a share of GDP, and authorities have encouraged growth of consumer credit as a way to rebalance the economy towards consumer spending, but now concerns are rising about irresponsible lending practices online.

中國(guó)家庭債務(wù)與國(guó)內(nèi)生產(chǎn)總值(GDP)之比仍然很低，同時(shí)當(dāng)局鼓勵(lì)消費(fèi)信貸增長(zhǎng)，視其為推動(dòng)經(jīng)濟(jì)再平衡、加大消費(fèi)支出比重的一種方式，但眼下各方對(duì)不負(fù)責(zé)任的在線放貸做法日益擔(dān)憂。

At a forum on internet finance on Saturday, a central bank official said that regulatory agencies will guard against risks from rapid growth of consumer lending.

在上周六舉行的一個(gè)互聯(lián)網(wǎng)金融論壇上，中國(guó)央行的一名官員表示，監(jiān)管機(jī)構(gòu)將防范消費(fèi)貸款快速增長(zhǎng)的風(fēng)險(xiǎn)。

“The public has doubts about its operating model and has appealed for it to be brought under regulation,” Ji Zhihong, head of the financial markets department at the People’s Bank of China, said of the industry. “In order to prevent and resolve the related risks, the central bank is working with the related departments to deal specifically with risks from internet finance.”

中國(guó)人民銀行(PBoC)金融市場(chǎng)司司長(zhǎng)紀(jì)志宏在談到該行業(yè)時(shí)表示，公眾對(duì)其經(jīng)營(yíng)模式有疑問(wèn)，呼吁將其納入監(jiān)管。他說(shuō)：“為防范化解相關(guān)風(fēng)險(xiǎn)……人民銀行會(huì)同相關(guān)部門(mén)組織開(kāi)展了互聯(lián)網(wǎng)金融風(fēng)險(xiǎn)專項(xiàng)整治。”

Online consumer lending has replaced peer-to-peer lending as the trendy new area in Chinese fintech, as a regulatory crackdown on P2P reduced that sector’s profitability. Short-term consumer loans outstanding in China grew by Rmb1.49tn ($225bn) through the first nine months of this year, compared to an increase of Rmb830bn for all of 2016, according to PBoC data.

在線消費(fèi)貸款已取代P2P貸款(監(jiān)管機(jī)構(gòu)的打擊削弱了P2P貸款行業(yè)的盈利能力)，成為中國(guó)金融科技的時(shí)髦新領(lǐng)域。中國(guó)央行數(shù)據(jù)顯示，今年前九個(gè)月，中國(guó)未償還短期消費(fèi)貸款增加1.49萬(wàn)億元人民幣(合2250億美元)，相比之下2016年全年增加8300億元人民幣。

Online lender Qudian, backed by Alibaba Group affiliate Ant Financial, raised $900m this month in an initial public offering on Nasdaq, the largest IPO in the US by a Chinese company this year. Qudian’s shares jumped as much as 48 per cent on their trading debut on October 18, but on Friday they had dropped below the IPO price, due in part to investor concerns about tighter regulations.

阿里巴巴集團(tuán)(Alibaba Group)關(guān)聯(lián)企業(yè)螞蟻金服(Ant Financial)參與投資的在線貸款機(jī)構(gòu)趣店(Qudian)，10月在納斯達(dá)克(Nasdaq)完成首次公開(kāi)發(fā)行(IPO)，籌得9億美元。這是今年以來(lái)中資企業(yè)在美國(guó)進(jìn)行的最大規(guī)模IPO。趣店股價(jià)在10月18日交易首日一度大漲48%，但在上周五跌破上市發(fā)行價(jià)水平，部分原因就是投資者擔(dān)心監(jiān)管收緊。

Qudian lets students and young professionals buy mobile phones, laptops and other gadgets on monthly instalments. Launched in 2014, Qudian began by lending to students, but regulators banned such lending last year following a series of scandals including the use of nude photos as collateral. Since then Qudian has ostensibly shifted to white-collar workers, but some investors worry that students may still be among its clients.

趣店讓學(xué)生和年輕專業(yè)人士通過(guò)每月分期付款購(gòu)買(mǎi)手機(jī)、筆記本電腦和其他設(shè)備。在2014年推出服務(wù)的趣店，在開(kāi)始時(shí)向?qū)W生放貸，但在爆發(fā)一系列丑聞(包括使用裸照作為抵押品)后，監(jiān)管機(jī)構(gòu)去年禁止了這種貸款。此后，趣店號(hào)稱轉(zhuǎn)向白領(lǐng)，但有些投資者擔(dān)心其客戶群體仍然包括學(xué)生。

Caixin, a respected financial news website, reported on Saturday that the China Banking Regulatory Commission is drafting a comprehensive regulatory framework on internet consumer lending, citing unnamed sources.

受尊敬的財(cái)經(jīng)新聞網(wǎng)站財(cái)新網(wǎng)(Caixin)上周六援引消息人士的話稱，中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)(CBRC)正在起草一套針對(duì)互聯(lián)網(wǎng)消費(fèi)者貸款的綜合監(jiān)管框架。

Neither Qudian nor the CBRC responded to request for comment on Sunday.

趣店和中國(guó)銀監(jiān)會(huì)周日均未回應(yīng)記者的置評(píng)請(qǐng)求。

Regulators have also moved in recent weeks to crack down on consumer loans being illegally channelled into the property market as mortgage downpayments.

監(jiān)管機(jī)構(gòu)最近幾周還采取行動(dòng)，打擊將消費(fèi)貸款引入房地產(chǎn)市場(chǎng)、作為抵押貸款首付的非法行為。

A district government in Shanghai called a meeting with consumer loan companies recently in which it warned them against abusive practices, including use of violence to press borrowers for repayment and charging annualised interest above the legal maximum of 36 per cent, Caixin also reported.

財(cái)新網(wǎng)還報(bào)道，上海一個(gè)區(qū)政府最近召集消費(fèi)貸款企業(yè)開(kāi)會(huì)，警告它們不要亂來(lái)，包括使用暴力方式施壓借款人還款，并收取高于36%法定上限的年化利率。

At least three Qudian rivals — Paipaidai, Hexindai, and Lexin Fintech — have also filed for US listings. Lexin is backed by e-commerce group JD.com, which in March spun off its own lending unit as an independent company, JD Finance, in a $2.1bn deal.

至少有三家趣店競(jìng)爭(zhēng)對(duì)手——拍拍貸(Paipaidai)、和信貸(Hexindai)，以及樂(lè)信(Lexin Fintech)——也已申請(qǐng)?jiān)诿绹?guó)上市。樂(lè)信獲得電子商務(wù)集團(tuán)京東(JD.com)投資。京東在今年3月剝離其放貸部門(mén)，使其成為一家獨(dú)立公司——京東金融(JD Finance)，那筆交易價(jià)值21億美元。

Additional reporting by Yizhen Jia 賈一真補(bǔ)充報(bào)道