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The Journal of Alternative Investments

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What Starts the Prairie Fire? An Analysis of Marketplace Lending in China: The Status and Driving Forces

Shenglin Ben, Dan Luo and Jiamin Lv
The Journal of Alternative Investments Winter 2018, 20 (3) 95-110; DOI: https://doi.org/10.3905/jai.2018.20.3.095
Shenglin Ben
is the dean of the Academy of Internet Finance at Zhejiang University in Hangzhou, China
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Dan Luo
is a doctoral candidate in accounting at Zhejiang University in Hangzhou, China
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Jiamin Lv
is a doctoral candidate in finance at Zhejiang University in Hangzhou, China
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Abstract

This article begins by reviewing the history of marketplace lending globally, with an emphasis on that of China, and then expounds on the development of the industry in China, its driving forces, and its future developments. The main findings suggest that marketplace lending has been developing rapidly in China and has become a barometer and integral part of the development of China’s overall Internet finance industry. However, China’s marketplace lending is still under regularization, with evident trends of polarization and sector concentration. The authors identify four driving forces that are propelling the development of China’s marketplace lending sector: long-term financial repression and inefficiency in China, technological innovation that facilitates financial efficiency and inclusive finance, the existence of policy dividends, and the presence of regulatory arbitrage opportunities. These forces ease pressure from financial demands, improve the efficiency of traditional finance, enhance capacity for technological innovation, and reduce policy dividends and regulatory arbitrage. The authors conclude by establishing the outlook for future developments in China’s marketplace lending industry under the new normal regulatory regime: The sector will enter a period characterized by a regularized regulatory regime, rationalized industry structure, maturing technologies, and internationally oriented development.

TOPICS: Fixed income and structured finance, emerging, legal/regulatory/public policy

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The Journal of Alternative Investments: 20 (3)
The Journal of Alternative Investments
Vol. 20, Issue 3
Winter 2018
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What Starts the Prairie Fire? An Analysis of Marketplace Lending in China: The Status and Driving Forces
Shenglin Ben, Dan Luo, Jiamin Lv
The Journal of Alternative Investments Dec 2017, 20 (3) 95-110; DOI: 10.3905/jai.2018.20.3.095

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What Starts the Prairie Fire? An Analysis of Marketplace Lending in China: The Status and Driving Forces
Shenglin Ben, Dan Luo, Jiamin Lv
The Journal of Alternative Investments Dec 2017, 20 (3) 95-110; DOI: 10.3905/jai.2018.20.3.095
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  • Article
    • Abstract
    • BACKGROUND AND HISTORICAL DEVELOPMENT
    • DEVELOPMENT STATUS OF CHINA’S MARKETPLACE LENDING INDUSTRY
    • DIVERGENT BUSINESS MODELS OF CHINA’S MARKETPLACE LENDING INDUSTRY
    • DRIVING FORCES OF CHINA’S MARKETPLACE LENDING INDUSTRY
    • REGULATION WILL BE THE MAIN DRIVER OF CHINA’S MARKETPLACE LENDING SECTOR
    • CONCLUSION
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)

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