中国金融科技治理模式变迁及其逻辑

The Changes and Logic of China’s Fintech Governance Model

金融科技治理强调公私主体之间的持续互动,以及公权力与私权利之间的利益平衡。审视2007年以来中国金融科技治理模式变迁的历史图景,可以发现中国金融科技治理依次呈现为包容性治理模式(2007~2015年)、运动式治理模式(2016~2018年)和合作型治理模式(2019年至今)。三个阶段的金融科技市场状况和治理思路均存在显著差异。中国金融科技治理模式的变革既深受金融科技治理理念、金融科技市场结构、国家宏观调控等因素的影响,又因为持续引入新兴技术而大幅提升了治理效率。未来中国金融科技治理的走向将是政府有限主导、市场主体积极参与的多元治理模式,并实现金融科技治理“科层逻辑”与“技术逻辑”的双向互嵌。

Fintech governance emphasizes the continuous interaction between public and private entities, as well as the balance of interests between public power and private rights. Examining the historical picture of the changes in China’s fintech governance model since 2007, we have found out that China’s fintech governance is presented as an inclusive governance model(2007–2015), a campaign-style governance model(2016-2018) and a cooperative governance model(2019–present). There are significant differences in the fintech market conditions and governance ideas in the three stages. The reform of China’s fintech governance model is not only deeply influenced by factors such as fintech governance concepts, the fintech market structure, and national macro-control, but also has greatly improved governance efficiency due to the continuous introduction of emerging technologies. In the future, the direction of China’s fintech governance will be a diversified governance model with limited government leadership and active participation by market entities, and the two-way inter-embedding of the hierarchical logic and technical logic of fintech governance will be realized.