Naslov
Crowdfunding in China - development pers pctives

Autori
Blaće Matija, Grubišić Anita

Izvornik
19th International Scientific Conference on Economic and Social Development –“Managerial Issues in Modern Business” (1849-7535) 1 (2017), 1; 188-196

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
China, crowdfunding, financing, innovation, regulation

Sažetak
China is the world biggest economy with a still present rapid growth rate. Yet, relying on direct foreign investments for a long time, the financial market in China is still in the development phase. The crowdfunding financing model, which is rapidly increasing in value in the world for the last couple of years, made a relatively recent appearance, with the first crowdfunding platform appearing in China in 2011. The starting delay was quickly caught up by the galloping growth, as today China is third biggest crowdfunding market in the world, after USA and EU, with incredible potential for growth. The sudden greater access to and wider acceptance of internet technologies, online financial services and especially smartphones combined with the rise of GDP per capita of the numerous Chinese population created a perfect economic environment for the explosive development of crowdfunding. Yet, the government regulation did not follow the economic developments so readily. The first moves by the government to regulate the market came in 2014, thus benefitting from experiences from other countries. At the end of that year the Securities Association of China released the Measures for Administration of Private Equity Crowdfunding. In March 2015, the General Office of the State Council released the Guiding Opinions on Expanding Maker Space to Promote Innovation and Business Startups by General Public, of which an important part is to conduct the pilot program of Internet-based equity crowdfunding and to promote crowdfunding to better serve innovation and business startups by general public. In December 2015, the China Banking Regulatory Commission (CBRC) issued the first draft for online lending, and in August 2016, announced the first official rules. Chinese crowdfunding market today has a perspective to become the largest one in the world, but there are still many challenges to overcome. This paper will analyse the status quo in China and highlight important aspects of this market including comparative analysis with the USA and UK market, and propose regulatory solutions, taking note of the unique aspects of Chinese economy.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

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