The nation's first Finance The local regulations "Regulations on the management of private financing in Wenzhou" and "implementation rules" will be formally implemented in March 1st, and the detailed rules for implementation have just been released. The borrower shall report to the management department if the loan amount is more than 3 million yuan or the loan balance is more than 10 million yuan or more than 30 borrowers involved. The formulation of these specific rules actually declared the legalization of private lending. For private lending rates, the regulations stipulate that the two parties are negotiated and determined by the borrower and the lender.

Although private lending has existed since ancient times, it has a very deep social foundation and has always been a useful and necessary supplement to formal finance. However, in the past, capital loans between individuals and enterprises, enterprises and enterprises were illegal and not protected by law. It not only makes the enthusiasm of private lending not high, but also increases the risk, resulting in the huge private capital sleeping and failing to invest. market In At the same time, the high risk of illegal private lending implies a lot of social unstable factors and seriously disrupts the order of the financial market.

The legalization of private lending, regulating the process of private lending, and substantially reducing the risk of private lending operations. No doubt, this will activate the huge private capital that has been sleeping for a long time, and introduce a large amount of private capital into the real economy. It will provide a large amount of funds for the financing of small and medium-sized enterprises, which is difficult to borrow funds from regular financial institutions such as banks, so as to solve the financing difficulties of small and medium-sized enterprises, especially to solve the problem of small and medium-sized enterprises facing the funding chain breaking. It can also reduce the financing costs and risks of small and medium-sized enterprises, thus greatly promoting the development of small and medium-sized enterprises.

However, we should also see that the legalization of private lending really plays a significant role in activating private capital and allowing private capital to flow to the real economy. The key lies not only in legalization, but also in the marketization of interest rates in private lending. In accordance with the provisions of the legalization of private lending in Wenzhou for the interest rate of private lending, the provisions of the Supreme Court's opinions on the trial of loan cases in the people's court in 1991 are still implemented. The maximum interest rate of private lending should not exceed 4 times that of the bank's similar lending rate (including the interest rate). Beyond this limit, the interest of the excess part will not be protected. However, the essence of capital is profit driven. In particular, the pursuit of profit of private capital is bigger, and gamblers' psychological domination is dominant. Most enterprises that borrow from private capital are small and medium enterprises that can not borrow money in the bank. If the enterprises that are in a desperate position or have insufficient social connections and resources are willing to borrow more than 4 times interest rate of banks, then illegal new private lending will continue to appear.

This shows that private lending is just legitimate It is far from enough. Independence and interest rate liberalization must be further followed up. Otherwise, the legalization of private lending will eventually lose its value and significance. Moreover, the legalization of private lending still needs to be radiated nationwide.