1 Development and Practice of Overseas Private Lending
1. 1 American private lending practice
As a world economic power, the United States has a high degree of financial development and a perfect financial system, but it still cannot meet the financing needs of all individuals and enterprises in China. According to statistics, more than 75 million people and 25 million families in the United States have no bank accounts. It is difficult for these people to obtain loans through formal financial institutions, and they are often solved through financing channels such as ROSCAS and microfinance companies. Therefore, the American government decided to develop formal finance and private lending, and actively guide their development to meet the financing needs of all sectors of society. At present, the main forms of private lending organizations in the United States mainly include revolving savings and credit associations, microfinance organizations, savings and loan associations and credit cooperatives. 1988 Ivan and Michelle found that revolving savings and credit associations are very common in immigrant communities in the United States, and foreign immigrants organize revolving savings and credit associations of different sizes according to their own economic ability. Generally speaking, large-scale revolving savings and credit associations are concentrated in richer immigrant communities. In the United States, microfinance organizations are a common form of private lending organizations. According to the survey of Severens andKays( 1996), there were 325 microfinance organizations in the United States in 1995, and a total of 17 1555 customers were granted1260,000 yuan in micro loans, among which the borrowers were mainly women and people of color. The American savings and loan association evolved from an institution similar to the revolving savings and loan association. The members of the savings and loan association maintain close relations, so that the association can supervise the behavior of each member through the credit of each member and ensure the implementation of the contract. Savings and loan cooperatives are divided into mutual-aid savings and loan cooperatives (that is, depositors are owners) and joint-stock savings and loan cooperatives (that is, shareholders are owners). Among them, the mutual savings and loan association cannot absorb and increase funds by absorbing foreign shares. Savings and loan associations must be registered with the federal and state governments; You can join the federal deposit insurance or other insurance institutions, or even not participate in any deposit insurance arrangements. The main form of American private lending organizations is cooperative credit cooperatives. Unlike credit cooperatives in China, credit cooperatives in the United States are non-profit private lending organizations. In the 1920s, it was difficult for the middle and lower classes in American society to obtain loan funds from banks. With the help of the government, cooperative credit cooperatives were established in the community. After World War II, the National Union of Credit Cooperatives and the State Union began to vigorously promote the development of credit cooperatives, and reached its peak in 1969. From 65438 to 0984, the American government gradually began to cancel the "Q" regulation on deposits. Under the new situation, American credit cooperatives can't cope with the fierce competition, and some of them have gone bankrupt. In order to prevent the further spread of the industry crisis, the American government has passed the Competition and Equality Bank Act and the Reform, Revival and Strengthening of Financial Institutions Act 1989, and established a complete financial supervision system for credit cooperatives. In addition, the United States has established perfect laws, regulations and supervision system for credit cooperatives. From 65438 to 0934, the United States Congress passed the Federal Credit Law, which implemented a dual supervision system including federal government supervision and state government supervision. 1965, American state governments established the National Association of State Credit Cooperatives Supervisors to effectively supervise its members. In addition, in order to promote the development of credit cooperatives, the US government passed the American Federal Credit Cooperatives Act, which established the preferential policies of credit cooperatives in terms of taxation, deposit reserve and deposit interest rate.
1.2 Japanese private lending practice
Japan's private lending market has developed to a high level. This part mainly introduces the development process of Japanese mutual aid society. In Japan, the mutual aid society known as or Ko began in Muromachi period (Muromachi period: the development and experience of foreign private lending, Tianxia (Beijing) Information Consulting Co., Ltd. 1338- 1467), which is an organization with the nature of economic mutual assistance and provides financial support for local individuals and small and medium-sized enterprises. As a spontaneous non-governmental organization, mutual aid society is often not managed by the government. 19 15, the Ministry of Finance (MOF) and the Bank of Japan studied the advantages and disadvantages of mutual aid organizations, and the National Assembly promulgated the Financial Law of Jin Mu (the Financial Law of Revolving Savings and Credit Association), which brought mutual aid organizations into the scope of legal supervision for the first time, and standardized their access conditions, amount of funds, business scope, inspection rights and punishment rights of supervision departments. After World War II, a financial company (or industrial revitalization company) called pseudo-revolving savings and credit association appeared in Japan. This kind of company does not need regular members, nor will it obtain the right to use customers' funds by lottery or bidding. With the rapid development of economy, some provisions of the bill have shown obvious limitations. In this case, the mutual aid society asked the government to draft a new bill to promote the transformation of the mutual aid society into a small and medium-sized bank. Japan passed the Mutual Bank Law in 195 1, and the implementation of this law promoted the transformation of revolving savings and credit associations into commercial banks. By the end of 1956, most credit cooperatives had been transformed into mutual banks. The business scope of the mutual bank includes: (1) accepting regular club payments; (2) Absorbing deposits and time deposits; (3) Issuing loans and handling cheque business. Under the vigorous advocacy of Japan Financial Advisory Research Committee, by 1990, all Japanese mutual banks have completed the transformation to commercial banks. At present, there are still many private lending organizations in Japan, including credit vaults, credit cooperative organizations, labor vaults, central vaults for industry and commerce, and central vaults for agriculture and forestry. These private lending organizations are highly local and cooperative, and the loan targets are mainly local small and medium-sized enterprises. At present, private lending organizations and small and medium-sized enterprises in Japan have formed a relatively stable financing network system. The government's active guidance and loose regulatory policies have promoted the existence and vigorous development of private lending in Japan. Private lending organizations provide financing support for small and medium-sized enterprises, and also provide a good reference for the development of private lending in China.
1.3 Private Lending Practice in Taiwan Province Province
Under the influence of the historical background of private lending and mutual assistance in Taiwan Province Province and the duality of the original economy, Taiwan Province Province still maintains the dual characteristics of financial structure in such a developed economy, and the development of private lending is extremely active. Taiwan Province Province has the economic characteristics with small and medium-sized enterprises as the main body, and the proportion of private enterprises in all enterprises reaches 98% at the highest. In Taiwan Province Province, private lending is the main financing channel for enterprises, and the scale of private lending is huge. According to the statistical data of 1964- 1974, the average proportion of private lending can reach 36.62%, of which the proportion reaches the maximum of 48. 1 1%, and the minimum is as high as 30.09%. 199 1 At the end of the year, the "Central Bank" of Taiwan Province Province made statistics on the scale of private lending. Statistics show that the scale of private lending accounts for 55% of the gross national product, and the capital flow accounts for 30% of the formal financial institutions, reaching about 0.6 trillion yuan, which is very huge. At the same time, there are various forms of private lending activities in Taiwan Province Province. From the traditional folk lending such as pawn shops, private mutual aid associations and underground money houses in the 1950s and 1960s to the folk lending activities such as mortgage loans, discount of forward cheques, leasing companies, installment companies and fund-raising by employees of enterprises in the 1970s. In 1980s, underground investment companies appeared and developed rapidly, becoming the leader of private lending. Among them, underground banks, civil mutual aid associations and underground investment companies have great influence. The attitude and policy of Taiwan provincial government towards cooperative associations have undergone tortuous changes. In the early days of Japanese occupation, the Japanese government promulgated 1902 Regulations on Banning Cooperatives, which was used to supervise non-governmental cooperatives and prevent them from affecting the financial market and social order, but the implementation effect was not obvious. 19 15, Taiwan Province province began to implement the "never-ending industry law" introduced from Japan, which stipulated that cooperative enterprises must operate in the form of company organization, which strengthened the guiding role of laws and regulations. 1945 after the recovery of Taiwan, the rapid expansion of cooperative associations triggered a series of political and economic problems, and the Taiwan provincial government intensified its crackdown on cooperative associations, and successively carried out several crackdown and ban activities. During the period of 1948, the Taiwanese government promulgated the Regulations on the Management of Cooperative Savings Industry in Taiwan Province Province and established the cooperative savings company system in Taiwan Province Province, which laid the foundation for the development of cooperative savings industry in Taiwan Province Province. Although non-governmental associations have suffered many blows, while formal finance is developing at a high speed, non-governmental lending activities still maintain a strict system and high operational efficiency. In this case, the authorities of Taiwan Province Province turned to relax the control of private lending activities, and guided private lending to standardization and regularization on the basis of recognizing its legitimacy. The Taiwan provincial government has adopted a prudent management attitude in dealing with private lending activities, which provides opportunities for private lending to survive and develop both in policy and law. Under the dual financial structure, the Taiwan provincial government reformed the cooperative organization in 1964, and revised the banking law twice, which recognized the legitimacy of private lending and laid a legal foundation for the transformation of well-run cooperatives and underground banks into private small and medium-sized banks. 1999, the "Legislative Yuan" of Taiwan Province Province passed the civil law debt series and the amendments to its implementation law, which incorporated cooperative associations into the existing legal system, defined non-governmental cooperative associations according to law, and made detailed specifications on the terms, the first membership of cooperative associations, rights and obligations, and the handling methods of cooperative associations, so that the cooperative association contract officially became a mandatory contract. Since then, the cooperatives in Taiwan Province Province have gradually developed healthily under the guidance of laws and regulations. Development and Experience of Foreign Private Lending: Yan Guan Tianxia (Beijing) Information Consulting Co., Ltd.
2. The current situation of private lending in China
In recent years, private lending in China is very active, whether it is organized activities like "cooperative associations" or free lending of mutual assistance, it is the main source of farmers' lending funds. There are three main forms of private lending: first, small and medium-sized enterprises are developing rapidly and the demand for funds is strong. In the case of financial institutions' financing difficulties, they turned to private financing. Because the corresponding financing interest rate is much higher than that of financial institutions, and the term is long, if it continues to develop, it is easy to form illegal fund-raising; The second is to issue high-interest loans. In order to find a new way out for idle funds, self-employed individuals and small and medium-sized business owners with relatively abundant funds provide high-interest loans to some enterprises and individuals that are short of funds and in urgent need of funds. The third is the loan between villagers and relatives and friends, which is the most common. Relevant statistics show that by the end of 2003, the "usury" in rural areas of China was as high as 800 billion ~10.4 trillion yuan, and the southeast of Zhejiang Province alone exceeded 300 billion yuan. According to the survey of more than 20,000 rural farmers in fixed observation points in China, in 2003, loans from bank credit cooperatives accounted for 32.7%, private loans accounted for 65.97%, and others accounted for 1.24%. It can be seen that China's private finance will remain the main source of farmers' loan funds for a long time to come, but it has no legal status in laws and regulations at present.