중국의 지분형 크라우드펀딩 법제현황과 시사점

Abstract

The World Bank has once predicted that the crowd funding in the People’s Republic of China would grow in to a scale of USD 50 billion by the year 2025, thereby making itself possibly the world’s largest crowdfunding market. These backgrounds would be the market’s own demand for funds combined with the active systemic support extended by the Chinese government for reorganizing the macroeconomic policy and legal system, further providing a momentum to facilitate the growth for crowdfunding. The concept of the equity crowdfunding was articulated for the first time in July 2005 via the “Guidance and Opinions on the Healthy Development of the Internet Based Finance,” which was formulated by 10 state agencies including the People’s Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission, among others. The Chinese government has determined the crowdfunding to be a new means of raising funds in the capital market, and for the purposes of materializing a financial reform through the crowdfunding, is continuing to drive the institutionalization related to the its smooth operation and supervision. In addition, a strong emphasis has been placed on the improvement of the system pertaining to the equity and the reward and pre-purchase crowdfunding together with the online lending practices with the aim of extending support to the innovative business start ups, which have gained tremendous prominence for the potential to become a new engine for growing the economy by the Chinese government while enabling the activation of the resource allocation by the market via the utilization of the Internet in “The 13th 5 Year Plan for the Development of National Economy and Society.” This paper has the intention of examining the current state of the regulation and major issues of the equity crowdfunding, which has recently been attracting increased attention as a new means of raising funds within the capital market in China, thereby drawing on what implications the Korean government and corporations may have from the implementation of such a system. That said, in this paper, I would like to first review the concepts and characteristics of the Chinese equity crowdfunding, the subjects of application subjects as well as the background of the introduction, further examining the current status and major issues of the legislative system related to the crowdfunding in China. It is also my intention to derive what implications the Chinese equity crowdfunding system may have for the Korean government and corporation therefrom.