Prevention of macro financial risks and how to prevent financial risks

The characteristics of Internet financial risks determined by the technical characteristics of the Internet can generally be divided into the following aspects:

First, the rapid spread of financial risks. Whether it is third-party payment or mobile payment, Internet finance, including P2P, big data finance, crowdfunding platform, information finance, etc., all have the fast remote processing function of high-tech network technology, which provides strong IT technical support for convenient and fast financial services. In the traditional paper payment transaction settlement, there is still a certain amount of time to correct the occasional errors or mistakes, and in the network environment of Internet finance, this room for maneuver is greatly reduced, because the Internet or mobile Internet is not only the real money funds, but more digital information, when the financial risk suddenly breaks out in a short period of time, it is more difficult to prevent and resolve, which also increases the diffusion area of financial risk and the cost of remediation.

Second, it is difficult to supervise financial risks. In the corresponding high Internet financial technology environment, there is the so-called "one foot high, one foot high", which puts forward higher requirements for risk prevention and control and financial supervision of Internet finance. The transaction and payment process of Internet banking and mobile banking in Internet finance are completed on the Internet or mobile Internet, and the virtualization of transactions makes financial business lose time and geographical limitations, the transaction object becomes blurred, the transaction process is more opaque, and the form of financial risk is more diversified.

Due to the information asymmetry between the supervised and the regulator, it is difficult for financial regulators to accurately understand the actual situation of financial institutions' assets and liabilities, and it is difficult to adopt effective financial supervision measures for possible financial risks.

Third, the possibility of cross-contagion of financial risks has increased. Traditional financial supervision can isolate financial risks in relatively independent areas through various methods such as separate operations, market barriers or franchising. However, the effectiveness of this kind of physical isolation in Internet finance is relatively weakened, especially the role of firewalls may be attenuated due to network hackers and other sabotage, so the construction of "firewalls" needs to be strengthened.

With the development and improvement of the comprehensive financial business of many financial and banking institutions in China, the mutual penetration and intersection between Internet financial owners and customers has made the risk correlation between financial institutions, various types of financial business and countries increasingly strong, and the financial crisis that may be caused by the Internet is more sudden.

In the Internet finance, which is mainly based on third-party payment, P2P, big data finance, crowdfunding platforms, and information-based financial institutions, some super financial groups use the international Internet financial trading network platform to carry out a wide range of international investment and speculation activities. These institutions themselves not only have advanced communication facilities, but also have huge amounts of funds in their hands, and have a certain degree of experience and ability to manipulate the market and pass on crises, so it is necessary to prevent and control the possibility and suddenness of these institutions using the Internet to increase financial risks.

What are the countermeasures for the prevention and resolution of financial risks in China? China's advantages in preventing financial risks. Unlike most emerging market countries and regions that have been hit by the crisis, China has an advantage in preventing the impact of external financial risks in at least the following five aspects:

First, although China has used a huge amount of foreign capital, attracting and utilizing more than $200 billion in foreign capital in the past five years, it is basically long-term direct investment, which is not only an important force driving economic growth, but also does not have the problem of short-term capital investment impact. The reform of the foreign exchange system, which began in 1994, laid the foundation for preventing the invasion of large amounts of speculative capital; Although it was later agreed to accept Article 8 of the International Monetary Organization and realize the free convertibility of the national currency under the current account, this is a reform made on the basis of China's relatively sufficient foreign exchange reserves, so there are solid guarantee conditions. China has mainly strengthened cooperation with the world and the Asian Development Bank, and through its efforts, it has obtained a large number of loans from these two international financial institutions, and all of them have been directly invested in the transformation of the industrial sector, the energy and transportation systems, agricultural development, environmental protection and social infrastructure construction; At the same time, in striving for loans from western developed countries, China has firmly pursued an independent policy, and has not been constrained by others, and has taken greater initiative.

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