P2P, once in full swing, has now officially withdrawn from the historical stage.
165438+1On October 27th, Liu Fushou, the chief lawyer of the China Banking Regulatory Commission, said that the financial risks of the Internet had dropped sharply, and the number of P2P online lending institutions actually operating in China had completely reached zero from about 5,000 at the peak to165438+in the middle of this year.
This means that the P2P lending industry, which grew wildly in the field of Internet finance in China, collapsed in just over ten years and finally came to an end. Looking back on its rise and fall, it is sad that it has gone from being sought after by many people to "zero" now, and all the madness and controversy have left some reflections on this financial phenomenon to the world.
rise and fall
Eyes full of prosperity, and finally turned to dust. From the momentum to an abrupt end, the P2P online lending industry has come too fast.
Domestic P2P business started in 2007, and its early operation mode was very simple. Its essence is to release the information of capital supply and demand through internet tools, and to match the fund providers and demanders to reach a loan transaction. As a supplement to traditional finance and a form of folk micro-credit, P2P is theoretically beneficial to long-tail customers neglected by traditional financial institutions such as banks, and has the function of meeting investors' capital needs and solving the difficulties of small and medium-sized micro-financing.
At that time, in the era of financial liberalization and the neglect of financial innovation by regulators, P2P became the focus of the times and ushered in its own highlight moment with the dividend of the popularization of Internet technology. Due to the advantages of low investment threshold, considerable income and convenient operation, from 20 13 to 20 15, the number of online lending platforms and the amount of industrial loans began to soar rapidly, and a large number of private lending, small loan companies and financing guarantee companies flooded into the P2P industry. For a time, the marketing advertisements of online lending platforms were covered with subways and various transportation platforms in big cities.
Relevant data show that at the peak, there were more than 5,000 platforms operating P2P services nationwide, and the scale of industry lending exceeded one trillion. At the end of 20 12, the above figure was only about 200, ranging from 50 billion to 60 billion yuan.
Above the tuyere, mud and sand flowed. By the end of 20 15, the first wave of large-scale thunderstorm in the industry was officially opened, during which nearly 1,000 P2P platforms closed down and ran away. The dramatic earthquake in this industry has harmed the interests of capital lenders, forcing the regulatory authorities to focus on dealing with chaos.
2065438+In August 2005, Guiding Opinions on Promoting the Healthy Development of Internet Finance was issued as a programmatic document in the field of Internet finance. The guidance clarified the positioning of P2P information intermediary, pointed out the content of intermediary services, made it clear that P2P belongs to the category of private lending and may not provide credit enhancement services, and confirmed the regulatory responsibility of the CBRC.
On August 4, 20 16, the Interim Measures for the Management of Business Activities of Personal-to-Personal Lending Information Intermediaries was issued, which was called the "strictest" regulatory document in history. On June 5438+ 10 of the same year, the Implementation Plan for Special Remediation of Internet Financial Risks was issued, focusing on remediation of key areas such as P2P peer-to-peer lending, equity crowdfunding, Internet insurance, third-party payment, Internet asset management, cross-border financial services, and advertisements in the field of Internet finance.
Even after the heavy-handed rectification, driven by the hot money effect, the increasingly strict regulatory policies do not seem to have a serious impact on the scale of the industry. According to Zhang, during that time, many P2P platforms were eager to access third-party funds depository, actively operated filing matters, and launched automatic bidding tools or debt-to-equity swap products with higher interest rates under the slogan of inclusion in supervision, at the expense of their lives in pursuit of absolute interests.
In 20 17, the development of P2P industry climbed to the peak again. China P2P Market Research Report 20 17 released by BDR shows that by the end of 20 17, the number of P2P platforms reached a peak of 5,970. In the whole year, the transaction volume of the online loan industry also reached 2,804.849 billion yuan, a year-on-year increase of 35.9%, which helped the historical cumulative transaction volume to exceed the 6 trillion yuan mark.
At the same time, the number of problem platforms is also rising. 2065438+2008, P2P industry ushered in a dark moment. As of July 24th of that year, there were more than 850 P2P online lending and problem platforms in China, involving more than 800 billion yuan, affecting more than150,000 users, and the large-scale mine explosion period struck again.
After the second wave of thunder, the P2P online lending industry has been completely rectified again, and the fierce trend of stricter supervision is coming. All platforms are experiencing internal and external intensive tests, such as the extension of filing system, the clean-up of pseudo P2P platforms, the squeeze of not absorbing storage and high returns, and the de-leveraging of compliance.
Zhang said that frequent mine explosions and policy reversals have plunged the P2P industry into a quagmire, which has greatly hit the confidence of lenders. When investors and lenders don't continue to invest, borrowers return to the ship to escape debts and don't pay back the money, the platform credit is facing collapse and the capital chain is broken. The lender who took over before eventually lost all his money. All participants in the industrial chain are suffering in the cycle.
2065438+At the beginning of June 2009, the regulatory authorities issued the Opinions on Doing a Good Job in Classified Disposal and Risk Prevention of Online Lending Institutions, in which "the main direction of work is to insist on institutional withdrawal. In addition to the strict compliance of some operating institutions, other institutions can withdraw, all stores should be closed, and the intensity and speed of rectification work should be increased, which clarified the attitude of the regulatory authorities.
The remaining P2P platforms did not wait until the "leftover is king" for compliance filing. At that time, the industry-wide retreat policy was very clear, but all localities and platforms withdrew in an orderly manner. 2019165438+127 October, the Guiding Opinions on Transforming Information Intermediaries into Companies in Peer-to-Peer Lending was issued, which laid the main tone for the whole industry to enter the countdown stage.
After entering 2020, the sudden epidemic did not stop P2P from quitting. Until the middle of 10, the number of P2P platforms still in operation was still decreasing. This once high-profile and crazy industry has finally come to an end.
Metamorphic prosperity
Looking back, the deterioration of P2P industry stems from the transformation from information intermediary to credit intermediary.
Li Yan, an analyst at Haihui Fund, believes that the original P2P, as a financial intermediary, brought together lenders and borrowers. In case of overdue, the platform will first notify the lender and find a third-party company to recover the creditor's rights. In fact, it is acceptable for everyone to pay the expected high return for lenders and bear the corresponding risks, and the industry will develop slowly.
The biggest reason behind the failure of P2P is that many P2P companies, in order to complete more credit and storage, do not hesitate to turn themselves into credit intermediaries and promise rigid redemption. They not only act as shadow banks to bear all credit risks, but also are not subject to regulatory constraints such as capital, leverage ratio and investor suitability, and do not care about risk control and compliance, which makes the whole industry mixed.
However, most borrowers of P2P platforms are high-risk customer groups that banks can't cover, so online lending platforms need to have a strong level of risk control, otherwise, once many borrowers are overdue, the risk of bad debts will suddenly increase. Under the pressure of paying high interest rates, many platforms can only attract funds by all-inclusive way, and cover the corresponding risk costs with higher interest rates, which leads to the shortage of fund pools, and finally falls into the whirlpool of inability to pay.
Li Yan said that this move completely deviated from the original intention of "inclusive finance" and "technological innovation" in P2P industry. Coupled with low barriers to entry and lack of supervision, it has gradually evolved into a financial scam of fund pool, maturity mismatch, self-financing and fraud. All kinds of people are "mixed fish and dragons", and a large number of speculators blindly follow the trend, ignoring the law of market development, just to "circle money" for the influx of P2P industry. Therefore, behind the seemingly rapid development of the industry, it is actually full of intentional or unintentional indifference to financial risks, which eventually leads to abnormal prosperity of the problem and becomes a "grey rhinoceros" in the domestic financial market, leaving many investors with nothing to lose.
Draw a lesson from ... ...
Although the industry no longer exists, the clean-up work left by P2P business is not over. In August this year, Guo Shuqing, Chairman of the China Banking Regulatory Commission, publicly stated that as of June this year, more than 800 billion yuan of online lending platforms and lenders' funds had not been recovered. As long as there is a glimmer of hope, we will cooperate with the public security department to trace and collect money and repay the capital contribution to the maximum extent. Take the disposal of stock risk as the core work, and improve the liquidity rate and return efficiency of funds.
165438+1October 2 1 day, the State Council Financial Stability and Development Committee stated that it would severely punish all kinds of illegal acts such as fraudulent issuance, false information disclosure, malicious transfer of assets, misappropriation of issuance funds, and severely punish all kinds of debt evasion, protect the legitimate rights and interests of investors and maintain fair market order.
Li Wei believes that with the benign exit strategy of the platform, the next step may be to focus on judicial channels and increase the collection of non-performing assets. In the future, investors are expected to recover part of the principal. However, he pointed out that for the compensation of P2P victims, the state and local governments will resolutely urge the relevant platforms to pay the principal, but they should not introduce relevant policies.
For the majority of lenders, after this investment experience, they should gradually change the original risk preference and asset allocation strategy, strengthen the awareness of the rule of law and the spirit of contract, and choose formal channels for reasonable investment. Li Yan suggested that there is no shortcut to investment, and high returns are bound to be accompanied by high risks. This kind of market turmoil is often very random, and it requires very accurate market grasping ability to ensure that its principal will not be eroded. As investors, we should be cautious, try our best to choose varieties suitable for our risk preferences and income targets, and it is best to avoid blindly following the trend for market conditions that require certain professional knowledge.
In addition, under the influence of banks and the internet, the threshold for borrowing money is getting lower and lower, and the growth rate of consumer finance has risen sharply. Under the guidance of the concepts of "consumption upgrading" and "inclusive finance", more and more consumers begin to pursue "ahead of consumption", and various consumer credit products are providing them with a steady stream of cash flow.
If you don't remonstrate in the past, you can catch up in the future. Although P2P has been cleared up, the lessons left are worth learning seriously. Li Yan said that compared with cash loans and P2P, although there are differences in borrowing objects, sources of funds and risk control capabilities, it should be pointed out that cash loans are mainly aimed at young people with low incomes, and their repayment ability is relatively low, which is more likely to lead to the probability of bad debts.
As a kind of financial innovation, cash loan has its merits, but it still needs to be put on the "tightening spell" of supervision. Looking forward to the future, Liu Fushou has publicly expressed how to strengthen the comprehensive risk management of the industry, effectively prevent and resolve financial risks, and cultivate a more stable financial risk culture. First, actively respond to the rebound of non-performing assets of banks, urge financial and banking institutions to classify physical assets, and increase the disposal of non-performing assets. Second, promote the reform and risk resolution of small and medium-sized banks in an orderly manner, do a good job in the disposal of high-risk non-bank financial institutions, continue to dismantle high-risk shadow banking business, strictly control the illegal inflow of funds into the real estate sector, and actively cooperate with the prevention and control of hidden debt risks of local governments. Third, persist in promoting the normalization of market chaos rectification, severely crack down on financial crimes, adhere to the whole chain of illegal fund-raising, coordinate the prevention and crackdown on unrelated crimes with risk resolution and stability maintenance, and effectively eliminate potential social security risks. Fourth, make forward-looking preparations for possible changes in the external environment, guide foreign-related financial institutions to make risk plans, and enhance their ability and level to cope with international risks.
Liu Fushou also said that it is necessary to accelerate the construction of a modern financial supervision system. First, correctly handle the relationship between financial development, financial stability and financial security, enhance regulatory capacity, strengthen system construction, adhere to the principles of marketization, rule of law and internationalization, and improve regulatory transparency. The second is to improve the regulatory framework of full risk coverage, enhance the penetration, unity and authority of supervision, fully incorporate financial activities into supervision according to law, and treat similar businesses and similar entities equally. The third is "zero tolerance" for all kinds of illegal acts, and effectively protect the legitimate rights and interests of financial consumers. Fourth, vigorously promote the scientific construction of financial supervision, improve the ability to identify, prevent and resolve cross-regional, cross-market and cross-industry financial risks, and improve the digital level of supervision.
Second, "Shanda Network" officially ended! The once "legendary" glory is gone.
Not long ago, the "grand game" that players are familiar with was changed into a "fun game", which also means that the grand game that once made countless teenagers crazy and devoted themselves to building a domestic "online Disney" is gradually drifting away from us, and there is no longer a "sheng" figure in the game circle.
1999, Chen Tianqiao established Shanda network, the largest in China. 200 1, Shanda network stands out. I believe many friends have played it, and then more than 70 classic online games such as Bubble Hall and Dragon Valley have been launched one after another, with more than 2 1 100 million registered users.
In 2008, Shanda Games Co., Ltd. was formally established and successfully listed the following year. Chen Tianqiao, who was only 3 1 year old, became the richest man on the Internet. However, Chen Tianqiao made great efforts to make Shanda the "starting point" of China, then developed Shanda Box and finally established Shanda Innovation Institute, all of which were preparing for this.
Third, about the end of P2P?
What the other party also installed P2P.
A computer with an ARP firewall can't restrict others.
When your ARP keeps attacking others, their firewall works. If you are disconnected, the other party may download too hard, or your P2P conflicts. On the contrary, you limit yourself.
* * * The biggest disadvantage of surfing the Internet is that there is no network management. It's like a crossroads without traffic lights.
It is more expensive to install two 1M networks than one 4M network. It is for this reason that the management fee is paid and the network speed is worthless.
Suggested exclusive internet access, but * * * was rejected.