金交所十五年兴衰史：从创新到异化，从狂欢到寂灭

Core Viewpoint - The recent payment crisis involving thousands of investors has brought the Zhejiang Financial Assets Exchange Center (Zhejiang Financial Center) into the spotlight, highlighting the complex history of financial evolution in China and the challenges faced by financial asset exchanges [1][2]. Group 1: Background and Emergence of Financial Exchanges - The establishment of financial exchanges like the Jin Jiao Su (金交所) was driven by the need for reform in state-owned assets and to alleviate corporate financing difficulties following the 2009 global financial crisis [2][5]. - The introduction of the "Management Measures for the Transfer of State-Owned Assets of Financial Enterprises" in March 2009 mandated that the transfer of non-listed financial enterprises' state-owned property must occur through legally established provincial-level trading institutions [5][6]. - By 2015, the number of financial exchanges peaked at nearly 80 across the country, with a significant presence even in provinces with weaker financial foundations [7][8]. Group 2: Evolution and Distortion of Financial Exchanges - Initially designed to be transparent platforms for the transfer of state-owned and distressed assets, financial exchanges began to deviate from their original purpose, becoming avenues for regulatory arbitrage and risk accumulation [9][10]. - The rise of P2P platforms between 2013 and 2015 led to collaborations with financial exchanges, allowing these platforms to bypass regulatory limits and attract significant capital [11][12]. - By 2020, financial exchanges had transformed into channels for concealing and laundering assets, with many dubious projects being approved, leading to a deterioration in asset quality [13][14]. Group 3: Regulatory Response and Decline - Regulatory bodies have closely monitored financial exchanges since their inception, implementing a series of measures to curb their operations and mitigate risks [14][15]. - By 2018, the introduction of the Asset Management New Regulations significantly impacted the non-standard financing functions of financial exchanges, leading to a reduction in their numbers from 80 to around 60 [16][17]. - In 2022, several provinces began revoking the business qualifications of financial exchanges, culminating in a significant reduction in their operations and the closure of many "pseudo-financial exchanges" [17][18]. Group 4: Lessons and Reflections - The rise and fall of financial exchanges reflect deeper characteristics of the Chinese financial system, serving as a case study of "Chinese-style financial innovation" that emerged from regulatory gaps and the demand for non-standard asset expansion [18]. - The experience of financial exchanges underscores the necessity for innovation within a robust regulatory framework to prevent future financial crises [18].