중국의 금리시장화와 법원의 민간대차사법해석에 따른 이자율 상한

Abstract

There are great concerns about the prolonged “Stagflation.” When prices and interest rates soared due to the Great Recession in the 1930s and 1970s, interest rate regulations in the U.S. and Western Europe also added to the hardships of the common people. This is because the regulatory impact was concentrated on non-bank lenders who handle small-value unsecured credit loan products targeting the common people rather than banks. During this transition period, Korea's legal highest interest rate and cost limitation, fixed at 20% per annum, adds to the difficulties of vulnerable borrowers. However, there are still a number of amendments to <Act On Registration Of Credit Business And Protection Of Finance Users> and the <Interest Limitation Act> pendling in the National Assembly of Korea, which aim to reduce the legal highest interest rate and cost. The main basis is legislative examples from countries belonging to the Anglo-American development model. However, after the 2007-2008 international financial crisis, China's interest rates have had a significant impact on us due to the economic and financial market coupling. It's worth paying attention to. Therefore, this study first examined the history of traditional interest regulation in China and reviewed its characteristics. Subsequently, the institutionalization of non-bank loan businesses in China and the current status of loan interest rate regulations on financial institutions were examined. Next, we looked at the judicial practice restrictions under the 《Private Loan Judicial Interpretation》 of the Supreme People's Court of China on the interest rate of private money loans. As a result, China has consistently promoted interest rate marketization and fostered non-legal private financing. In addition, it was found that the policy stance of postponing regulations was consistently maintained until new fields that fit the government's industrial development policy, such as consumer finance and internet lending to expand domestic demand, grow at a certain level. This study found that China's above-mentioned regulatory suspension and interest rate marketization efforts lead to increased domestic demand and are the basis for promoting steady economic growth without experiencing a recession caused by the international financial crisis.