The focus of private lending regulation and legislative proposals

The focus of civil lending regulation and legislative proposals Yue Caishen's content summary The basic way to solve the problem of private lending in China lies in the formation of institutional incentives through legal innovation, guiding financial resources to optimize the allocation of private lending legislation should adopt the combination of natural evolution and construction, general norms and classification norms. A multi-level legislative system combined. On the basis of the relevant legislative experience in the United States, Britain, Hong Kong and China, combined with the judicial practice of the current people's courts and the pilot situation of China's microfinance companies, the relevant laws should be amended and special legal documents should be formulated as soon as possible. The special legislation on private lending should only regulate the commercial lending behavior of those institutions and individuals who specialize in lending business, focusing on the subject access, lending rates, operating areas, lenders' sources of funds, etc. .
After more than 30 years of reform and opening up, China is changing from a capital-poor country to a capital-rich country. The scale and influence of private borrowing has rapidly expanded into a focus of social concern. In May 2010, the State Council issued a number of "Opinions on Encouraging and Guiding the Healthy Development of Private Investment" and the "Proposal on Formulating the Twelfth Five-Year Plan for National Economic and Social Development" promulgated by the CPC Central Committee in October 2010. Private capital is explicitly encouraged to enter the financial sector. Under the background of changing the mode of economic development, it is urgent to protect the legal system of private borrowing, protect the legitimate rights of private capital owners, guide the optimization of private financial resources, and enhance the endogenous driving force of economic development. This paper attempts to explore relevant disputes from the perspective of legislation and provide theoretical analysis and countermeasures for private borrowing legislation.
I. The Path and Model of Private Lending Regulations Although the legislation governing private borrowing has been discussed for many years, there are two basic problems that have not been resolved: First, which private lending should be included in the scope of legal regulation, that is, legal regulation. How to determine the boundaries of private borrowing; Second, which laws should regulate private borrowing, and whether legal texts should be formulated to standardize and regulate private borrowing. The core of the former question is how to determine the scope of regulation of private borrowing in law. The core of the latter problem is how to choose the legislative path and mode of private borrowing. How to solve these two problems determines the basic ideas, goals and systems of private lending legislation.
(1) Whether the path of selecting key regulation should formulate a legal document that specifically regulates private borrowing and how to establish a legal system to regulate private borrowing has been controversial in theory, and the legislation has always been wavering. The key to resolving this controversy lies in properly distinguishing the types and nature of private borrowing, and then selecting the corresponding legislative strategies and regulatory paths according to the different types and characteristics of private borrowing. From the legal point of view, the private borrowing is the act of the dispenser to transfer the funds for a certain period of time, and the borrower pays the principal and interest after the expiration. There are also doctrines that the transfer of ownership is transferred once the currency is delivered, that is, all principles of ownership. 1 In theory, there are many ways to divide the private borrowing. The act of transferring funds without compensation or for free for the purpose of making profits should be recognized as a civil act. The public borrowing of the general public in life is mostly civil. However, the currency circulation for the purpose of collecting interest has the function of financing, and has the nature of commercial behavior. If a natural person or legal person (a financial institution such as the banking industry is not discussed here due to special legal provisions) or an unincorporated organization will issue the payment as a business activity, it is profitable and repetitive and should be a commercial act. This multiplicity of the nature of private lending behavior not only determines the multi-level and complexity of relevant legislation, *Southwest University of Political Science and Law, teaching search, doctoral tutor.
See Liu Baoyu, Property Law, China Legal Publishing House, 2007, pp. 242-243.
It also becomes the basic basis for choosing a regulatory path.
From the perspective of the changes in the financial system, China's private lending is currently in the process of transition from the market-oriented explicit credit stage to the standardized legal credit stage, but not all forms of private credit can be or fit into the legal system to regulate, in some areas. Small-scale private lending organizations are more suitable to exist in the form of folks to meet the financing needs of different groups of people. 2 From the perspective of legislative design, it is not only difficult or necessary to establish a comprehensive regulatory legal system for private lending, and such legislative examples worldwide are extremely rare to date. Therefore, the legislation regulating private lending should not choose the path of comprehensive regulation, but should adopt the path of key regulation, that is, only certain important aspects of various private lending should be determined. According to this line of thinking, the legislative system regulating private lending should be a multi-level legislative system combining general regulation with special regulation. Under the multi-level legislative system, according to different factors such as lending behavior, borrowing subject and borrowing purpose, the mode of separate regulation by common law, relevant subject law and special private lending law is adopted. According to the structure of China's financial market and the status quo of the legal system, the special legislation regulating private lending should focus on the regulation of commercial lending by institutions and individuals that specialize in lending business, mainly including the access and lending of borrowers. Interest rates, borrowing areas, etc. are regulated. For general private lending, that is, non-specialized private lending, because it usually only involves the rights and obligations of both lenders and borrowers, it will not affect the interests of other people, and can be regulated by ordinary civil laws such as the General Principles of Civil Law and Contract Law. There is no need to introduce too much state intervention, nor do we need to enact specific laws to regulate it.
(II) Adopting the model of classification regulation For the borrowing and lending activities of institutions and individuals that are engaged in the business of lending for profit, it is not appropriate to adopt a model of comprehensive regulation by one law, but it should distinguish the legislative arrangements of classification and regulation in different situations: (1) For private equity funds, because they are different from general direct financing, the main investment areas are stocks and bonds in the securities market, rather than directly investing in the real economy or solving people's needs, so they should be included in the capital market legal system. 3(2) For cooperative funds and financial service agencies with cooperative financial nature in indirect financing, their nature and function are oriented to the mutual assistance of the people, and should be regulated by formulating a special legal system for cooperative finance, such as The Interim Provisions on the Administration of Rural Mutual Cooperatives formulated by the China Banking Regulatory Commission. With the development of urban and rural development and the integration of urban and rural economic and social integration, the legislation on cooperative finance should expand the scope of adjustment; (3) the underground banks (private banks) may accumulate high risks because they are separated from the law. Therefore, reasonable access conditions should be set, incorporated into the banking financial institution system, and formal and effective supervision should be implemented.
The China Banking Regulatory Commission issued the "Interim Provisions on the Management of Village Banks", which is roughly the same path. 4) For financial institutions that specialize in loan business and do not absorb deposits, such as financial companies and loan companies, they should be based on their nature and have a special legal system. To be regulated, such as the “Administrative Measures for Enterprise Group Finance Companies” and the “Interim Provisions on the Administration of Loan Companies” promulgated by the China Banking Regulatory Commission.
The above four kinds of private lending have special legal nature, and it is more appropriate to regulate by the relevant subject law. Special private lending legislation should not stipulate the lending behavior of these subjects. According to the method of classification and regulation, the legal norm system for regulating private lending should include three parts: (1) general civil law such as civil law general law, contract law, and non-specialized private lending behavior*2) relevant subject law, special specification Lending behavior of private lending institutions; (3) Specialized private lending laws that stipulate the lending practices of institutions and individuals that specialize in lending business for profit. The issue of private lending legislation discussed in this paper is mainly for the third part.
In the private lending legislation, the classification of private lending into civil private lending and commercial private lending based on profitability is an important basis for designing and reviewing the scientific nature of private lending legislation in China. China's current law protects private lending in the civil sense, regardless of whether it is paid or not, without violating the four-fold benchmark interest rate limit. For private lending with commercial nature, if it is not approved and registered by the statutory authority, it will be classified as an illegal financial act (such as the illegal financial business stipulated in Article 4 of the “Illegal Financial Institutions and Measures for the Prohibition of Illegal Financial Business Activities”). From this point of view, China's current law excludes and suppresses unapproved commercial private lending. Regardless of whether the lender is a natural person or a legal person or other organization, only the legal authority can obtain the legal subject qualification of commercial private lending. In general, we agree with the current law's restriction on private lending, because lending is the core business in the banking industry. See Wang Shuguang, “The Evolution of Financial Institutions in Economic Transition,” Peking University Press, 2007, p. 78.
See Chen Xiangcong, “Research on the Legislation of Private Equity Funds in China”, People's Publishing House, 2009, p. 140.
It has a direct impact on the stability of the financial system and the entire national economic system. As of November 2010, the bank's total assets exceeded 92 trillion, 4 accounting for more than 90% of the entire financial industry assets. Most of the banking industry's revenue comes from the payment business. In order to maintain the security and stability of the financial system and ensure the smooth implementation of the central bank's monetary policy, all countries have stricter supervision over the access of banking financial institutions. In addition, the basic economic system with public ownership as the main body requires state-owned enterprises to occupy a dominant position in important areas involving national economy and people's livelihood, and conflicts with the arbitrary non-governmentalization, commercialization, and expansion of borrowing business. Therefore, in the current situation in China, the lifting of financial restraint is undoubtedly the direction of private borrowing legislation, but the determination of appropriate legal restrictions should still be the basic principle of legislation.
In distinguishing between civil private borrowing and commercial private borrowing, it should also be noted that paid and profitable are two concepts that are both interrelated and distinct. It cannot be considered as a profit-making act only because of compensation. The latter requires a continuum and professional character. The laws of most countries stipulate that ordinary civil entities occasionally engage in profit-making activities and are not commercial acts. Section 340 of the New York State Money Lenders Act clearly states that an individual or business that occasionally distributes money in the state does not need to comply with the law prohibiting unlicensed operations. In practice, the benefits of private borrowing tend to be more specialized, and some civil subjects repeatedly engage in litigation and evade supervision in the form of civil private borrowing. In fact, they are engaged in the “Measures for the Banning of Illegal Financial Institutions and Illegal Financial Business Activities”. Illegal financial business as stipulated in the article. How to regulate such behavior in law should be a key issue that must be resolved by private borrowing legislation.
Second, regarding the regulation of private lending entities, since it is not appropriate to comprehensively regulate private borrowing, then which subjects should be regulated by borrowing, which is also the focus of controversy in theory and practice, and must be solved first in legislation. A difficult point. The following two points are the most critical about this issue.
(I) Establishing a commercial lending entity access system In the current legal system, multiple levels of legal norms involve the admission of private borrowers. At the legal level, Article 90 of the General Principles of Civil Law establishes the legality of private borrowing, but does not involve the subject of private borrowing. Chapter 12 of the Contract Law stipulates the general issues of the loan contract, Articles 210 and 211 respectively. The effective time and borrowing rate of the loan contract between natural persons are specified. Article 4 of the Administrative Measures Regulations on Measures for the Prohibition of Illegal Financial Institutions and Illegal Financial Business Activities: Illegal financial business activities refer to the following activities that are carried out without the approval of the People's Bank of China: (1) illegally absorbing public deposits or disguising public deposits in disguise (2) illegal fundraising to unspecified objects in society in any name without legal approval; (3) illegal payment of goods, settlement, discounted bills, capital borrowing, trust investment, financial leasing, financing guarantee, foreign exchange trading; Other illegal financial business activities identified by the People's Bank of China. At the level of administrative regulations, Article 61 of the General Rules of Payments stipulates that enterprises must not conduct borrowing or disguised borrowing financing business in violation of state regulations. At the level of judicial interpretation, Articles 121, 122, 123, and 125 of the Supreme People's Court's Opinions on the Implementation of the General Principles of the Civil Law refer to "borrowing between citizens, production and operation between citizens." Interest rate of goods, interest-free loans between citizens." The Supreme People's Court's "Reply on How to Determine the Effect of Borrowing Behavior between Citizens and Enterprises" stipulates that borrowing between citizens and non-financial enterprises (hereinafter referred to as enterprises) belongs to private borrowing, as long as the meaning of the parties is true. If it is found to be valid, but it has one of the following circumstances, it shall be deemed invalid: (1) the enterprise illegally raises funds to the employees in the name of borrowing; (2) the enterprise illegally raises funds from the society in the name of borrowing; (3) the enterprise refers to the name of the borrowing The public distributes the purchase price; (4) other violations of laws and administrative regulations. The Supreme People's Court's "Civil Case Cases Regulations", which was implemented on April 1, 2008, divided loan contract disputes into four types according to the type of borrowing subject: (1) financial loan contract disputes; (2) inter-bank borrowing disputes; (3) corporate borrowing disputes (4) Civil borrowing disputes. On November 22, 2010, the Supreme People's Court issued the Interpretation of Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fund Raising, specifically explaining the application of the crime of illegally absorbing public deposits and fund-raising fraud.
According to the above-mentioned laws, regulations, administrative regulations and the judicial interpretation of the Supreme People's Court, legal private borrowing refers to borrowing between natural persons, between natural persons and legal persons, and between natural persons and other organizations. The borrowing of the nature of ordinary civil acts between natural persons is permitted by law, but commercial private lending between enterprises and with commercial nature has always been rejected by law. From the role of private borrowing and foreign countries, see Gao Chen’s legislative experience on the breakdown of total assets of banking financial institutions, commercial private borrowing can effectively overcome many shortcomings of national credit, and its rationality and legitimacy should be legal. Affirmation. 5 From the reality of our country, on the one hand, the distribution of financial institutions is uneven, and many residents in the central and western regions are difficult to enjoy the minimum financial services. According to the statistics of the China Banking Regulatory Commission, as of the end of June 2009, there were still 2,945 townships and towns in the country without banking outlets, distributed in 27 provinces (autonomous regions and municipalities), 2,367 in the western region, 287 in the central region, and 291 in the eastern region. Among them, 708 townships do not have any financial services, accounting for 24% of the total number of blank towns and towns in financial institutions, distributed in 20 provinces (autonomous regions and municipalities). On the other hand, the existing formal financial institutions do not have the ability to fully digest the financing needs of the whole society. The financing difficulties of SMEs have been plaguing China's economic and social development, and commercial private lending has occupied in rural lending. More than 20% share. From an international perspective, credit institutions are a multi-level organizational system. It is difficult for all formal financial institutions and large banks to cover all financing needs, and the risks are too concentrated. The United States, the United Kingdom, the Netherlands, South Africa, Hong Kong and other countries and regions have established a legal system to regulate private lending, promote the development of informal financial institutions from the system, and promote the construction of private credit system should also become the financial market construction in China at this stage. Important content. 8 In order to meet the needs of economic and social development, the central seven 'No. 1 documents' since 2004 have been concerned with the issue of “developing rural microfinance and microfinance services.” In May 2008, the People’s Bank of China and the China Banking Regulatory Commission jointly issued The Guiding Opinions of the Microfinance Company Pilot Program (hereinafter referred to as C Opinions) encourages and guides the provinces to actively carry out the pilot work of microfinance companies. The promulgation of the "Opinions" is a landmark event in the history of China's private finance development, which is a commercial event. The development of sex private lending provided an opportunity. In October 2007, the People’s Bank of China drafted the Lenders Regulations (hereinafter referred to as “the draft”) (hereinafter referred to as “the case”) and submitted it to the Legislative Affairs Office of the State Council. In 2009, it was included in the second-level legislative plan of the Legislative Affairs Office of the State Council. In the aspect of market access, the Regulations allow eligible individuals to register and engage in money lending business, and stipulate that eligible enterprises and individuals can start lending business. In 2010, the People's Bank of China revised the General Rules of Loans submitted to the Legislative Affairs Office of the State Council. The draft expands the scope of lending entities and allows for non-financial companies and individuals that are not approved to be lenders.
Based on the relevant provisions of the "Opinions and Examples" and the current development status of microfinance companies, the author believes that the norms for commercial lenders can be improved from two aspects: First, the subject is determined by determining the registered funds. range. As the lender “only does not deposit”, as a capital-intensive industry with operating currency, the registered capital should be higher than the general provisions of the “Company Law” for ordinary companies in China. The “Opinions” stipulate the registration of small loan companies of limited liability companies. The capital shall not be less than 5 million yuan, and the registered capital of the microfinance company of the company limited by shares shall not be less than 10 million yuan. We think it is appropriate. The high threshold can filter some unqualified lenders into this risk industry. It provides a barrier to the construction of the entire financial safety net. Although some states in the United States do not have high access thresholds for financial companies, 9 such as the establishment of a general financial company in California, the minimum registered capital of 250,000 US dollars, but the US market system and market restraint mechanisms are relatively mature, these companies must accept With more market constraints, it is only possible to integrate funds into the market through market channels. At present, China's market system is still not good, and it is necessary to appropriately limit the access scope of the private lending market through registered capital. Taking into account the traditional status of natural persons in the field of private lending, the status of national legislation, natural persons as the main body of lending should be determined by applying for registration. Natural persons shall bear unlimited liability according to law, and may not have capital requirements. However, when considering the qualifications of natural persons as the main body of private lending, they should consider both their withdrawal mechanism and individual bankruptcy system, and should be included in the legislative agenda as a supporting system. In the absence of a personal bankruptcy system, natural persons, as the main body of private commercial lending, cannot effectively assume unlimited liability, thus affecting the implementation effect of the private lending system.
The second is to limit the scope of the subject through the applicant qualification review method. The review of lender qualifications should pay attention to the “soft information” review of applicants and major shareholders and senior executives. Unlike ordinary industrial and commercial enterprises, the private lending industry is extremely vulnerable to criminal links, such as hiring triad organizations to collect debts, money laundering, and distribution. Usury, forced fraud transactions, etc., so you must be alert to those who are uncomfortable on the threshold (see, for example, 2, p. 74).
See Han Jun et al., China Rural Finance Survey, Shanghai Far East Publishing House, 2009, p. 224.
See Zou Dongtao, Editor-in-Chief, China's Economic Development and System Reform Report: 30 Years of China's Reform and Opening-up, Social Science Press, 2008, p. 145.
In the United States, a finance company (finance company) is a non-banking company that provides loans to individuals or businesses. It is different from commercial banks, credit unions, savings and loan associations, cooperative banks, and savings banks. Similar to China's microfinance companies, it has become the United States. The second largest source of commercial credit.
Applicants for criminal prosecutions) enter the private borrowing market. Applying for a dealership license in New York State requires a rigorous and complex “background review” process, requiring up to 11 submissions, including credit history, civil and bankruptcy proceedings over the past decade, and crime. Records (including felony, misdemeanor and violations), educational experience, etc. In addition, partner shareholders, executives, directors, etc., also need to submit a fingerprint program to review the existence of criminal records. In applying for a money lender's license in Hong Kong, the police first investigate whether the applicant has a triad background and confirm that it is "innocent" before submitting it to the court. However, it is not decided by one judge but by two citizens. A license can be issued only after the person has passed the agreement. The special legislation for private borrowing in China should focus on the extent and conditions of this aspect.
(2) Relaxing the control of lending between enterprises The effectiveness of borrowing between enterprises has been receiving much attention. According to the provisions of the "Illegal Financial Institutions and Illegal Financial Business Activities Banning Measures" and the "General Terms and Conditions", such borrowing is in the law. The above is invalid. The Supreme People's Court issued in 1996 (in the reply on how to deal with the problem of the borrower of the enterprise borrowing contract overdue without returning the loan), stipulates that the enterprise borrowing contract violates the relevant financial regulations and is an invalid contract. The China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission jointly issued the "Notice on Regulating the Capital Exchanges between Listed Companies and Related Parties and the External Guarantees of Listed Companies" in August 2003, prohibiting listed companies from lending funds to the controlling shareholder and its related parties for compensation or for free. Therefore, in judicial practice, the court basically recognizes the borrowing or disguised loan contract between enterprises as an invalid contract. In the specific applicable law, some courts apply the provisions of Item 52 of Article 52 of the Contract Law to The contract is invalid on the grounds of harming the public interest of the society. Some courts directly apply scholars to put forward different opinions. From the perspectives of contract law and company law, the validity of the inter-company loan contract should be recognized. *From the perspective of nature, between enterprises The nature of borrowing is rather special. The company that acts as the consignor is not the subject of this business. When a company has a business relationship or an associated relationship and borrows goods, the borrowing behavior goes beyond the scope of civil private borrowing, but it does not belong to the commercial private borrowing of the business nature, but intervenes between the civil nature and the commercial nature. In response to this feature, we believe that the legislation should adopt a special normative approach, which should not be as liberal as the civil private borrowing, nor should it be set as a barrier to entry for commercial private borrowing. In the foreign legislative practice, the New York State Money Lenders Act excludes occasional lending by individuals and businesses from commercial acts, and does not need to apply for a money lender license. The value of the proposed amendments to the current law, the release of some of the borrowing between enterprises, such as upstream and downstream supplier relations, parent-subsidiary relationship and borrowing due to production needs, etc., should be stipulated as legal and effective borrowing. It is not feasible to let go of the borrowing between enterprises, and it is not advisable to let go of such borrowing to a certain extent, which is equivalent to giving up banking assets. The entry barriers to the business will inevitably affect the stability and security of the financial market and the financial system. Therefore, by leasing the partial borrowing between enterprises, the general control of the law on the borrowing between enterprises should still be retained.
Third, the restrictions on private lending interest rates are the core issue of regulating private lending. From the existing legal norms, the legality of private lending is closely related to the level of borrowing interest rates. The regulation of private lending rates determines The degree of openness of the private borrowing market and the degree of protection for private borrowing.
(1) Interest rate limit should be set. The principle of the interest rate of financial institutions (excluding urban and rural credit cooperatives) is set out in the first paragraph of Article 2 of the Notice on Adjusting the Interest Rate of Financial Institutions and Payments Announced by the People's Bank of China on October 28, 2004. The upper limit is no longer set, the interest rate of the payment is unchanged, and the lower limit of the interest rate is still 09 times of the benchmark interest rate. According to this regulation, some people think that since the bank's payment rate has no upper limit, the private borrowing rate should also be fully liberalized. In fact, the discussion on the interest rate of borrowing has been in existence for a long time, and the theory of real interest, the theory of currency interest and the political economy of Marx have different discourses. In the market, interest is the price of finance, and since it belongs to price, it must involve disputes over price control.
Even Western countries with a relatively mature market economy have always had major differences. Jeremy Bentham, a scholar who advocates the abolition of interest rate control, believes that people who are sound and sane should not object to bargaining during the payment process.
Opponents argue that his claim is entirely idealistic and has no real basis at all.
From the perspective of economic relations, the actual status of both borrowers and lenders is not equal. Lenders have a distinct advantage over consumers. Lack of bargaining power between lenders and borrowers, without the realistic basis of fair trade, relying on lenders The competition between the two to ensure that the borrower bears a reasonable interest rate has not yet formed. If there is no legal restriction, unfair trade is often generated. Historically, the legal system governing private lending rates has a long history. Tang (Miscellaneous Order) and "Ming Law" Volume 9 (Article 168 of the "Household Law" money bond section and Section 147 of the "Clear Law" volume of the 9th Shanghai Law stipulates restrictions on the interest rate of borrowing. From a cultural point of view, the interest rate restriction of private lending has a strong social appeal. The well-known opera "White-haired Girl" and Shakespeare's immortal masterpiece "Nice Merchant" have exposed the harm of usury, and even the ban is also prohibited. Description of usury. From the perspective of social development, usury has the role of the Matthew effect of “poor people getting richer and richer people getting richer” and accelerating social class differentiation. From a political point of view, usury is often one of the reasons for the replacement of dynasties in history. After the founding of New China, the elimination of usury is a landmark event in the new society.
Usury is widely practiced in areas with more developed private economies and rural areas, and the regions with less developed economies have higher interest rates on private lending. Some scholars have verified that this loan is a fuse by examining the history of private lending in China in the 1930s and the 19th century in the United States. In the course of Chongqing’s crackdown in 2009, the data disclosed by the police was: Chongqing’s loan sharks exceeded 30 billion yuan, and the scale has accounted for one-third of Chongqing’s annual fiscal revenue. The black gangs forced loans with high interest rates and then passed violence. Collecting debts and drawing huge amounts of illegal income. On August 11th, 2009, the “Economic Report” disclosed the issue of local usury with the title “Ningxia Guyuan Folk Usury”.
Judging from many facts, it is of great practical significance to limit the price of funds for private lending from the interest rate setting.
From an international perspective, most states in the United States, where the market economy system is relatively mature, have also developed a special anti-profit-and-loan law. In the mid-to-late 20th century, the United States promoted financial liberalization under the influence of liberalism. Some people advocated the abolition of interest rate restrictions. Indeed, some states (such as Delaware and South Dakota) did this, but the US subprime crisis showed that Interest rate liberalization is one of the main reasons for this round of crisis, especially the adjustable rate mortgage, which has been questioned and criticized by American academics, regulatory authorities, legislative bodies and consumer protection groups.
The UK's 2006 amendment to the Shaw Fee Credit Act still imposes restrictions on the highest interest rate and authorizes the court to provide judicial relief.
Hong Kong, which has always been free to trade, has also imposed restrictions on private lending rates. Under the current conditions in China, we cannot blindly liberalize the private lending market. Instead, we should directly regulate private lending rates through legislation and set reasonable interest rates. Upper limit.
(2) Reasonably stipulating that the interest rate ceiling limits the interest rate level to the interests of both borrowers and lenders is undoubtedly the core content of the private lending system. The private lending rate is different from the government's pricing of products. The relevant legislation is not to interfere with the free negotiation rights of borrowers and lenders in the legal limit, but to prevent the lender from taking advantage of the danger or to use the dominant position to damage the legitimate interests of the borrower. Article 6 of the Court's Several Opinions on Loan Lending Cases (hereinafter referred to as “Loan Lending Opinions” stipulates: “The interest rate of private lending may be higher than the interest rate of the bank. The local people's courts may specifically grasp the actual situation in the region, but the maximum is not allowed. More than 4 times the bank's similar lending rate (including the interest rate)."
The benchmark interest rate for RMB loans of financial institutions announced by the People's Bank of China is divided into five grades according to the time limit. The interest rate of similar loans here refers to the interest rate of the same grade loans at the same time.
In the existing legislative precedent, section 24 of the Money Lenders Ordinance of the Hong Kong Special Administrative Region provides that: Any person (whether a money lender or not) will lend money or make an offer at a rate of more than 60% of the annual interest rate, ie Is a crime. Article 25 stipulates that the repayment agreement for any loan or the interest payment agreement for any loan interest, if the actual interest rate set exceeds 48% of the annual interest rate, the implementation of this article may be presumed by the fact alone. The transaction is extortionate. It can be seen that the Hong Kong region actually stipulates two different levels of interest rate restrictions, and violates different levels of interest rate restrictions to bear different legal consequences. Taiwan's Taiwan has taken a heavy profit record in preventing private lending! ! The Civil Code refers to Zhang Weihua's "American Consumer Protection Law", China Legal Publishing House, 2000 edition, 124th "Old Testament Exodus", Chapter 22, Section 25, "If you lend money to my people, that is The poor who are with you, you treat them like the people who lend money, and you must not take advantage of them."
See Chen Zhiwu's "Logic of Finance", International Culture Publishing Company, 2009 edition, No. 102, "Chongqing black-out black industry chain, high-profit loans, 1/3 of fiscal revenue", contained in the "Economics" August 24, 2009.
Article 205 stipulates that if the agreed interest rate exceeds 20% of the anniversary, the creditor has no right to claim the excess interest.
In the United States, the regulation of high-profit goods is also very complicated, mainly by state laws. Some states have adopted a more laissez-faire attitude toward interest rate controls, allowing borrowers and consignors to negotiate any interest rates, such as Delaware and South Dakota, but most states still have anti-high-profit laws that limit the highest interest rates. In state legislation that limits the maximum interest rate, the maximum interest rate limit usually depends on several factors: (1) the purpose of the payment; (2) the type of payment; (3) the type of the consignor; and (4) the payment for the specific use. The highest interest rate is usually a fixed interest rate, or it may be dependent on the floating rate of certain indices, such as the discount rate of the Federal Reserve Board. New York State’s high profit margin is usually 16% per annum; Washington State’s high profit margin is usually 12% per annum, or the first half of the Fed’s 26-week Treasury bill initial auction offer rate plus 4 points, whichever is higher. High; Mississippi's high profit margin is 10% per annum, or the federal reserve rate plus 5 points, commercial purchases above $5,000 are not subject to high-yield restrictions; Arkansas' non-consumer purchases are high-profit boundaries for the Federal Reserve The interest rate is increased by 5 points. For consumer goods, the high profit is usually set at an annual interest rate of 17%. Although the US Congress generally does not intervene in interest rate restrictions, there are exceptions, such as paying for payment, * October 2006 The US Congress has specifically passed laws that stipulate that the annual interest rate of consumer goods paid to military personnel and their dependents must not exceed 36%. Interest rates are essentially part of the profit rate. Therefore, the determination of the interest rate ceiling is highly technical in legislation, not only It is necessary to consider the yields of productive capital and consumer funds, and also need to consider factors such as the risk of the investment return itself and the implementation of the contract. Therefore, some scholars do not agree to a certain interest rate limit. * For high-profit standards, if the regulations are too high, the purpose of fair protection of borrowers will not be achieved. After the average social profit rate, the repayment of the goods objectively has credit. risk. Excessive interest rates may also induce moral hazard. Some borrowers may take risks in repaying their purchases and engage in illegal profits. On the other hand, if the standard for high-profit goods is too low, there may be two consequences: First, the borrower does not have enough credit in the market, and there is a shortage of credit supply; second, the private borrowing from the ground Turning underground, the actual interest rate may rise further to compensate for the cost of legal risks. From the perspective of real experience, the possibility of the second situation is even greater. The underground money house that exists widely in China is a good example. The judicial interpretation of the Supreme People's Court limits the interest rate to no more than four times the benchmark interest rate set by the People's Bank of China. According to the one-year interest rate determined by the People's Bank of China, the four-fold limit is about 21-25%, which is converted into a private interest rate. About 2-3 points. With the increase in interest rates by the People's Bank of China, the four-fold limit may reach around 30%. According to the actual situation of private borrowing in China, the private borrowing rate is generally between 2 and 5, and the productive borrowing of more than 3 is a relatively high interest rate. If it is an overnight loan or a borrowing within a few days, the interest rate converted into a monthly interest rate will be significantly higher than the above level.当然，地区、季节、货币政策及法定基准利率水平等因素，都会对民间借货的具体利率产生影响。例如2008年执行从紧的货币政策，导致各地民间借货利率水涨船高。另外，通货膨胀对利率的走势也有重要影响。因此，上述因素都应在确定民间借货利率上限时予以考虑。
（三）完善高利贷法律责任制度高利货行为的危害性很大，从微观角度看，扰乱公民正常的生活秩序，导致借款人陷入债务深渊而无法自，收债过程往往伴随着恐吓、欺诈、暴力等非法行为，容易滋生犯罪；从宏观角度看，扰乱了国家正常的金融秩序，影响金融安全、社会稳定及国家宏观政策的执行。美国次级货款产品中的可调整利率抵押货款虽然还不是严格意义上的高利货，但足以证明利率过高会对金融秩序与金融稳定造成危害。
尽管高利货有着诸多危害性，但从最高人民法院《借货意见》第6条有关民间借货利率的规定来看，现行法律对发放高利货当事人不具有真正的惩罚性。在司法实践中，对发放高利货基本上是听之任之，仅仅不保护其4倍以外的利率。这样一来，高利货发放者的违法成本几乎为零，可以任意约定高利率，其后果最多是超过的部分不予保护。尽管进入司法程序的民间借货案件近年来大幅增加，但是与实际发生的民间借货包括高利货相比，仍然很少。也就是说，不少高利货合同实际上由借款人履行了，借款人发薪曰贷款是一种短期无担保贷款期限很短，名义利率和实际利率差异巨大。
参见前引，第101-102页。
的合法利益并没有通过司法程序获得应有的保护。
另一个现象也应引起关注，在实践中，多数民间放贷人为规避法律对民间借贷利率的上限规定，采取各种方式、手段掩盖高额利息，从而使借贷利率形式上符合法律规定如预先将利息在本金中扣除，即借款人实际获得的借款低于借条中的本金（差额部分为利息），这样使得借款人在诉讼中处于了非常不利的地位，很难证明高利贷的存在。此外，由于银行贷款政策“嫌贫爰富”和中小企业融资需求不断增长，加之民间资金充裕，催生出民间融资市场的职业化，出现了一些职业的贷款人和中介人。这些职业贷款人和中介人往往与当地的黑社会、准黑社会往来密切，依靠其背后力量威胁、恐吓借款人，阻止其通过司法途径维护权益。
从美国和香港的经验来看，利用刑事手段打击高利贷是其共同的立法选择。香港地区做债人条例》设定了两个高利贷界限，对于不同层次的高利贷规定不同性质的法律责任。违反该条例第24条（年息60%的实际利率），即属犯罪，任何贷款的还款协议或关于任何贷款利息的付息协议，以及就该协议或贷款而提供的保证，不得予以强制执行。此外，任何人犯本条所订罪行U）年第82号第33条修订）。相比较1994年之前的文本，修订后的条例大幅提高第24条所规定的最高惩罚限度，由最高“监禁两年和罚款10万元”增至最高“监禁10年和罚款500万元”。2001年至2005年期间，香港根据《放债人条例》第24条就高利贷提出检控的个案数目分别为26件、18件、1件、28件及10件。违反该条例第25条规定（即所订的实际利率超逾年息48%），单凭该事实即可推定该宗交易属敲诈性。在香港禁止高利率放债的双层法律规制架构中，把利率管制水平分别定为年利率60%和48%，是香港当时良好的商业惯例和其它司法管辖区（例如英国）的法例而决定的。香港特区政府认为从执法的角度而言，第24条大体上可有效逼止在香港进行的高利贷活动。*在美国，国会认为其根据《宪法》第一章第八节“州际贸易条款”有权监管私人交易中的利率问题，但美国国会并没有划定高利贷的具体范围，而是通过〈反犯罪组织侵蚀合法组织法》界定了各州层面，违反州高利贷法的法律后果通常具有惩罚性，即处罚金额超过所收取的利率与高利贷之差。
具体的处罚各州的规定不尽相同，但是通常都包括罚没已收取的利率或者按利息的倍数罚款。在某些情况下，高利贷还会导致整个贷款合同不得执行、放贷人承担刑事责任等。
民间借贷立法可借鉴香港〈放债人条例》的立法经验，设置两个利率限制标准，不同程度的违法行为承担不同的法律责任，建立梯级过渡性的双层法律责任制度。这样既可以起到打击和逼制高利贷的作用，也可以避免滥用刑事制裁手段，实现法律责任的梯级过渡。
首先，国外及香港地区的立法经验，考虑目前民间借贷的实际利率水平，设定一个明确的年利率（如36%）作为追究高利贷放贷人刑事责任的标准。超过该限度的放贷属于严重高利贷范畴，应当受到行政或刑事处罚。其次，保留目前的规定，即民间借贷不得超过人民银行规定的基准贷款利率四倍。
超过该界限但尚未达到严重高利贷年利率的，除法律另有规定外（如严重通货膨胀时适用情势变更原则），不得诉求法院执行该借贷合同及其附属担保合同，通过民事责任逼制此类高利贷。这样规定有充分的法理依据，人民银行通常会根据宏观经济的发展和通货膨胀情况及时调整利率水平，其公布的基准利率大致反映了当前资金的价格，4倍范围内的利率基本上可以补偿民间放贷人所承担的机会成本和风险。以目前试点的小额贷款公司为例，其经营状况表明，3倍左右的利率已经基本上覆盖了风险，总体上实现了盈利。在有关小额贷款公司后续发展问题的讨论中，也鲜见有关放开利率的呼声，而多集中*参见香港立法会十题《放债人条例》，006年11月22曰在立法会会议上何俊仁议员的提问和财经事劳及库劳局局长马时亨的书面答复。http*/年3月22曰访问。
于货款的后续资金来源、胯区域经营、税收优惠政策等方面。20 -30%的利率水平与我们的民间借货实际利率也基本上相差不多，如果民间借货能够获得法律的有效保护，其风险水平事实上还会降低。因此，尽管有不少学者主张废除对民间借货四倍利率的限制，但我们认为目前有关民间借货利率的规定是适当的，立法上应当坚持。
总的来看，利率水平的确定是一个应当能够实现双派的选择，借款人和放货人是一个矛盾体，双方利益的最大化应当以考虑对方的可持续发展为前提，杀鸡取卵式的、掠夺性的高利率并不可取，不顾草根规则的存在，任意压制民间借货利率也难以达到从法律上规范民间借货的目的。同时，立法应当始终固守法律的正义性，从实际出发充分考虑借款人在民间借货中的弱势地位，以及民间借货特别是有组织的民间借货易滋生犯罪的事实，汲取中国古代、美国、香港的立法经验，限制民间借货的最高利率，维护资金融通的公平秩序。
四、关于民间借贷区域的限制大多数民事性民间借货并不涉及区域限制问题，而对于具有经营性质的商事性民间借货，区域限制则成为影响民间借货的优势功能、规模经济与风险集中度的重要因素。在小额货款公司的试点过程中，参与试点的公司希望扩大经营的地域范围，一些地方政府将允许胯区域经营作为对货款公司的奖励。
也有省份明确规定小额货款公司不得胯区域经营（一）区域限制与民间借贷的优势功能不少认为民间借货源自于金融抑制。麦金农和爰德华肖在对发展中国家的经济发展过程进行分析后，提出了著名的“金融抑制”理论，认为金融抑制使部分经济主体的融资需求无法通过正规金融渠道获得满足，民间借货由此而产生。但民间借货在一些发达国家如美国、英国、澳大利亚等也非常发达，而且这些国家都有专门规范民间借货的法律。以美国为例，美国的非吸收存款类金融公司种类包括消费金融公司、商业金融公司和销售金融公司（也叫承兑公司）。据美联储的统计资料，截止2010年初，美国国内金融公司应收帐款余额为14194亿美元，资产总额为19368亿美元。由此可以看出，金融压抑并不是民间借货存在的根本原因。美国范德比尔特大学教授CliveBell等人在20世纪末从需求和供给两方面解释了非正规金融产生的条件。由于正规金融机构金融产品供给的不足，因此对金融产品的超额需求便“溢出”到民间借货市场，这从需求方面解释了民间借货存在的原因。同时，在现有条件下，民间借货在信息、担保、交易成本等各个方面均具有正规金融无法比拟的优势，因此有能力供给部分金融产品以弥补正规金融供给不足造成的缺口，这就从供给方面解释了非正规金融的产生。
在现实的经济活动中，民间借货具有“人格化金融”的特点，以“熟人关系”作为交易及契约执行的基础能够凭借各种人缘、地缘关系更有效地收集中小企业的“软信息”，在向中小企业提供货款方面具有独特的信息优势。这种信息优势正是其广泛存在的根本性原因，而金融抑制不过是一个强化因素。*以浙江某商业银行小额货款营销的成功经验为例，归纳其做法可以发现，利用地域及信息优势是其成功的重要原因。经营者认为本土化的客户经理非常关键，他们充分发挥地缘、亲缘、人缘的优势，凭参见张建华等《中国农村多层次信货市场问题研究》，经济管理出版社2009年版，第29《内蒙古自治区小额货款公司试点管理实施细则》第22条规定，具备一定条件的小额货款公司可跨旗县、盟市设立分支机构。
参见美RI麦金农《经济发展中的货币与资本》，卢骢译，上海人民出版社1988年版，第78 -82页；黄达，《金融学》，中国人民大学出版社2003年版，第764参见前引，第120页。
借亲朋好友、老师同学、客户熟人等关系，从侧面对小企业主的家庭历史、道德品质、经营状况等信息深入了解，从而摆脱了对财务报表的过分依赖，解决了信息不对称的难题，已累计向四万余家小企业发放了超过800亿元的贷款，不良贷款率仅为0.7%（2010年初我国国有商业银行不良贷款率为1. 80%，城市商业银行不良贷款率为1.30%，农村商业银行不良贷款率为2.76%）。在对贷款的监督过程中，民间借贷的信息优势有利于贷款人能够较为及时地把握贷款按时足额归还的可能性。
除信息优势外，民间借贷的交易成本优势也是其得以存在的重要条件。民间借贷经营者的监管负担较轻，组织机构本身小巧灵活，业务的技术性并不强，操作简便，对参与者的素质要求不高，合同的内容简单而实用，契约执行也往往通过民间习惯得以实现，避免了通过正规法律途径进行诉讼所需的高昂费用和时间成本。
民间借贷的上述两大优势功能与其经营的地域范围有着密切的关系。具体，民间借贷只有在一定范围内才具有信息优势和交易成本优势，一旦超越一定的范围，离开了（二）区域限制与民间借贷的规模经济规模经济又称“规模利益”，指在一定科技水平下生产能力的扩大使长期平均成本下降的趋势，即长期费用曲线呈下降趋势。上述定义具有普遍性，银行业规模经济便由此而来。民间借贷的单一客户贷款规模较小，尽管近几年司法实践中民间借贷的总金额和单笔金额越来越大，纠纷涉案标的额成倍增长，但与商业银行动辄干万甚至上亿的单一客户贷款规模显然无法比拟。虽然在同等条件下民间借贷比正规金融机构的交易成本更低，但就其自身经营规模来看，民间借贷成本还是比较高的，无论是贷前调查还是贷后追踪，都需要做大量的工作，民间信贷机构如果没有规模效应，就很难持续发展。
本质上看，限制胯区域经营的确存在一定程度上的金融抑制，不仅民间借贷存在这样的问题，银行业机构也遭遇过同样的难题。20世纪90年代以前美国对银行业同样实施严格的地域限制《麦克法登法》（McFaddenAct）禁止银行胯州经营，银行和储贷协会只能在一个州开设分支机构。直到1994年美国国会通过了埋格一尼尔银行胯州经营与胯州设立分支机构效率法》，才基本上扫除了银行在胯州扩张方面所受到的种种限制。美国众议院在审议该法案的报告中指出：消除这些限制，将会带来大量的好处：（1）使银行有机会进行更有效的建构，剔除重复性的职能，并降低费用；（2）可以推动建立更安全和更稳健的银行体系；（3）可以给客户提供更大的方便；（4）通过使金融机构能够进入目前没有实现芫全竟争的市场，有利于促进信贷市场的竟争。*美国众议院放开银行业胯州经营的上述理由同样可以适用于放开民间借贷的地域限制，如增加竟争降低费用、便利兼并等，这些理由很大程度上反映了规模经济的要求。但是，我们也要看到，长期费用曲线的下降不是无限的，现实中也存在着规模不经济的现象。规模不经济则是指公司因规模扩大而导致公司利润率降低的情况。也就是说，在规模经济与不经济之间存在一个临界点，在临界点内，呈现规模经济，反之，则为规模不经济。有研究发现，银行的资产从10亿美元增加到100亿美元时，可以获得规模经济，但从100亿美元增加到1000亿美元时则几乎很少能获得这种规模经济。
民间借贷也有这样一个问题，因其具有自发性、民间性等特点，在一定范围内，规模越大业务量就越大，相应单位成本费用通过分摊会减少，信誉的外溢效应也较为明显。但是超越特定的地域范围后，其规模优势可能因其比较优势的丧失而呈现迅速下降趋势。尤其当其规模超越其管理能力时，规模越大可能效率越低。
参见前引，第141-142页。
*参见布鲁姆等著《银行金融服劳业劳的管制案例与资料》，李杏杏等译，法律出版社2006年版，第462页。
参见史纪良主编：《银行监管比较研究》，中国金融出版社2005年版，第188页。
（三）区域限制与民间借贷的风险集中度我国商业银行货款的集中度风险相对比较高，对中小银行而言，主要表现为客户集中度风险和区域集中度风险。为了降低这种风险，银监会于2006年和2009年分别颁布了〈城市商业银行异地分支机构管理办法》、《关于中小商业银行分支机构市场准入政策的调整意见（试行）》放松了银行胯区域经营的限制，不再对股份制商业银行、城市商业银行设立分行和支行规定统一的营运资金限制，由各股份制商业银行、城市商业银行根据业务发展和资本管理需要统筹调节及配置。规定出台后，南京银行宁波银行等多家城市商业银行异地开设分支机构的申请被批准。
民间借货与银行的信货业务在某些方面并无二致，民间放货机构的货款集中于某一区域也会面临如同银行货款集中的风险。经营范围界定在一个县（区）的货款人，其业务必然与当地中小企业的经营紧密相关，一旦当地中小企业面临市场冲击（如浙江绍兴的纺织业），货款风险就会急剧上升，从而威胁到放货人的可持续经营。从现有的经验看，这种风险特别容易集中在沿海一些出口导向型地区以及内地的资源富集型地区。从规避风险集中的角度来看，胯区域经营又是必要的，但也同样存在一个度的问题，否则，民间借货机构因地域扩大而丧失地缘信息优势又会使其风险从另一个方面凸现出来因此，民间借货的专门立法必须恰当处理好这一对矛盾。
（四）按照审慎监管原则规定民间借贷的区域限制结合上述三个因素的考虑，笔者认为，完全禁止民间借货机构胯区域经营不利于其可持续经营，芫全放开区域限制会诱发风险。考虑到民间借货在一定区域范围内的地缘信息优势，民间借货经营地域的拓展不宜过于匆忙，应按照审慎监管的原则，比照滴业银行法》第19条、20条、21条、22条的有关规定，适当规定胯区域经营机构的营运资金、管理人员等要求。同时，为体现审慎经营与监管的要求，相关立法应当明确规定商事性民间借货胯地域经营的一些约束条件，如规定民间借货主体在开业经营的三年内无重大违规、连续盈利等，保障民间借货稳定与可持续的发展，增强我国经济发展的内生动力。
五、关于民间借贷资金来源的限制对于民间借货的资金来源问题，以前理论界讨论得较少，但随着民间借货制度化试点（小额货款公司试点）的推进，这个问题显得颇具实务性，并成为业界关注的焦点问题。禁止吸收公众存款是民间借货资金来源的“红线”，不容越过，否则就等于放弃了对银行类机构的监管，难免危及金融安全。在坚守这个红线的前提下，应当创新民间借货资金来源制度，促进民间借货的健康和可持续发展，提高金融市场的整体效率。
（一）建立商业性民间借贷经营者负债融资制度虽然民间借货不能通过吸收公众存款的渠道扩大放货资金来源，但是作为资金密集型行业的商事性民间借货经营者必须通过适度负债融资才能保障持续经营。
首先，如果仅仅允许其使用资本金放货，意味着其财务资源的严重浪费。在金融资产的经营中，杠杆率高低与经营效率和安全有着密切的联系美国次货危机爆发前，华尔街五大投行的杠杆率高达30倍左右，意味着他们的资产价值只要出现3.33%左右的下降，理论上就可能面临破产清算。危机爆发后美国的金融机构正在经历痛苦的“去杠杆化”过程。但是绝对禁止金融机构负债同样是不可能的，民间借货也不例外负债经营的关键是控制适度的杠杆率，反之则过犹不及。在禁止其负债的情形下杠杆率为零，但势必造成严重的财务资源浪费。一般认为，企业在资产负债率为50 -60%时仍然可以处于比较稳健的经营状态，银行类机构由于更多地依靠负债获取资金来源，其资产负债率可以更高一点。
以中国工商银行和中国农业银行为例，截止2010年9月30日，工商银行的资产负债率94.34%，农业银行资产负债率94.78%.商事性民间借货作为资金密集型行业，其资产负债率应当高于普通企业。
参见中国工商银行和中国农业银行2010年第三季度报告。
其次，如果没有一个正常的融资渠道，民间融资就可能会转为地下，进而寻找其它途径，包括非法吸收公众存款及其它非法集资行为，与民间借贷规范化、阳光化的方向背道而驰，监管机构无法掌握民间借贷的资金流向，并导致国家税收流失。
最后，有限度地放开民间借贷的银行批发资金融资渠道有利于培育商业银行贷款零售商，分散银行信用风险，构建多层次贷款渠道。依赖大客户是银行经营过程中很普遍的现象，容易导致风险过于集中，允许银行将资金批发给民间借贷经营者，可以使银行通过信贷配给方式甄别出优质的企业来，不失为解决这一问题的有效方法。民间借贷机构作为资金中介，可以发挥其熟悉当地市场、专营小额信贷、监管负担较轻及贷款手续简便等诸多优势，有利于改善贷款的结构。此外，银行作为批发者将资金交由民间借贷经营者发放，民间借贷经营者再将资金分成若干小份，发放给不同的借款人，相对于由银行发给单一客户而言，明显分散了信贷风险。在现实中，无数小额借款人同时违约的概率极小甚至不会存在。因此，通过立法建立民间借贷经营者融资渠道制度，对于分散银行风险及促进商事性民间借贷可持续发展都具有积极意义。
（二）规定商事性民间借贷经营者的融资渠道如何规范商事性民间借贷经营者的融资渠道，是民间借贷立法中不能忽视的一个要点。
首先，应当在立法上明确“非法吸收公众存款罪”与民间借贷的界线《商业银行法》第81条及法》第176条规定了非法吸收公众存款罪。但何谓“公众”、何谓“存款”，认识上存在很大争议。合法的民间借贷在实践中与“非法吸收公众存款”纠结不清，比较著名的案例如“孙大午非法吸收公众存款案”，反映出我国法律制度存在明显的缺陷。因此，准确界定非法吸收公众存款罪的内涵和外延对于活跃民间融资以及丰富民间借贷经营者的资金来源，具有重要意义《非法金融机构和非法金融业务活动取缔办法》第4条将“公众”界定为“不特定对象”。对于所谓的“不特定对象”，应当结合行为人吸取资金的方式才能恰当确定。*实践中，借款人往往从一定范围内的人员如职工、亲友等处募集资金，这些人是否属于“公众”范畴，亟待在立法上加以明确。在实践中，司法机关对此进行了有益的探索。2008年浙江省高级人民法院、人民检察院、公安厅联合下发的〈关于当前办理集资类刑事案件适用法律若干问题的会议纪要》在区分民间借贷与非法吸收公众存款的标准上有两点值得关注：第一，融入资金的对象是否为不特定对象（即所谓的公众）没有成为非法吸收公众存款罪的构成要件中

Steel Tube For Structurer

Standard: ASTM A106 Gr B pipe ASTM A 106 Pipe A53 ,API 5l A106, ASTM A500 ,ASTM A501, ASTM A519, JIS G9441, DIN 1629, JIS G3444, ISO 2937 .

Process of manufacture: seamless

Liaocheng Xinglong Seamless tube manufaturing Co., Ltd is an integrated supplier of all kinds of steel products and a customer-oriented company, located in Liaocheng, the city of Shandong Province China, with convenient transportation access.
The company mainly supply various of high quality alloy and carbon steel pipes, round bars and plates, which are widely used in petroleum, building, chemical industry, boiler, metallurgy, power, shipbuilding and other industries. the company can satisfy the customer's multi-varieties and small-batch request and support the various needs of project, providing the one-stop service for dealers and end users.

equipment and pipe fittings and steel structuere

Liaocheng Xinglong Seamless Tube Manufacturing Co., Ltd. , https://www.lcxlpipe.com