Unrest over Chinese online financing platforms shows that the combination of unregulated market forces and uninformed individual decision making can lead to undesirable outcomes. Unless the CCP is willing and able to foster comprehensive reforms, events might again spiral out of control when new innovative financial solutions are introduced.
Online finance platforms in China have come under pressure after a series of scandals ranging from defaults to frauds. In August 2018, police broke up a demonstration in Beijing organized by investors who had lost money invested in high-risk, high-return online finance platforms such as P2P lending and various wealth management products. It was not the first outbreak of social unrest in reaction to the lending practices of these providers.
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The Chinese government has supported fintech and online finance as future growth engines. The state banking system has been bad at financing smaller enterprises, something government officials often complained about publicly. The hope was that online financing vehicles would help improve the allocation of capital and generate funding for small and innovative businesses.
A famous example of implicit government support was the online fund Ezubao, which advertised on CCTV before the evening news and even held its annual meeting in the Great Hall of the People. The fund was eventually revealed to be a Ponzi scheme, which led to protests in 34 cities.
Further support has come through positive statements from government agencies. Both the State Council and what was then known as the Banking Regulatory Commission have, in the past, released statements supportive of online finance.
The case of the Ezubao fund was far from unique. According to the Financial Times, problems with 150 online lending platforms were reported this year in June alone, ranging from refusing withdrawals to police investigations of embezzlement. In some cases, the owners even disappeared. Throughout all of 2017 there had only been 217 similar cases.
Many of the investors who lost their money in the online funds had not understood the risks they were taking. There are several likely reasons why Chinese investors misread risks in the online finance sector:
1. The Chinese growth miracle has lasted so long that many people have seen nothing but increasing economic prosperity for their entire lives. In that context, it is not difficult to see why many would believe claims of amazing investment opportunities.
3. Herd behavior is common in Chinese markets, partly because the rates offered by banks are so low that promising investment opportunities are in high demand. One example of such behavior was in 2015 when Chinese stock markets climbed quickly as citizens rushed to buy stocks (this time also endorsed by the government), and the market subsequently crashed. A more bizarre example is from 2009, when the misconception that garlic could protect against infection with the swine flu spread quickly, resulting in large price increases as people rushed to buy garlic.
4. Online finance removes many middlemen, decreasing the distance between the buyer of financial products and the investments. This innovation means the typical investor takes a step towards the role of banker, requiring him to more actively assess risk.
In short, many investors lack the experience to assess the risks of online financial products, resulting in many losing their money, which in turn caused them to protest. The sector will now be regulated. In a recent speech, an official from the Banking and Regulatory Commission, Fan Wenzhong, said that fintech had entered a high-risk era. Moreover, at the recent Financial Development and Stability Committee meeting, online finance was identified as one of four focal areas for risk prevention in the financial system.
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Feature papers represent the most advanced research with significant potential for high impact in the field. A FeaturePaper should be a substantial original Article that involves several techniques or approaches, provides an outlook forfuture research directions and describes possible research applications.
Abstract:Control moment gyroscopes (CMG) are crucial components in spacecrafts. Since the anomaly of bearing temperature of the CMG shows apparent correlation with nearly all critical fault modes, temperature prediction is of great importance for health management of CMGs. However, due to the complicity of thermal environment on orbit, the temperature signal of the CMG has strong intrinsic nonlinearity and chaotic characteristics. Therefore, it is crucial to study temperature prediction under the framework of chaos time series theory. There are also several other challenges including poor data quality, large individual differences and difficulty in processing streaming data. To overcome these issues, we propose a new method named Chaotic Ensemble of Online Recurrent Extreme Learning Machine (CE-ORELM) for temperature prediction of control moment gyroscopes. By means of the CE-ORELM model, this proposed method is capable of dynamic prediction of temperature. The performance of the method was tested by real temperature data acquired from actual CMGs. Experimental results show that this method has high prediction accuracy and strong adaptability to the on-orbital temperature data with sudden variations. These superiorities indicate that the proposed method can be used for temperature prediction of control moment gyroscopes.Keywords: control moment gyroscope; temperature prediction; online-recurrent extreme learning machine
Liu, Luhang, Qiang Zhang, Dazhong Wei, Gang Li, Hao Wu, Zhipeng Wang, Baozhu Guo, and Jiyang Zhang.2020. "Chaotic Ensemble of Online Recurrent Extreme Learning Machine for Temperature Prediction of Control Moment Gyroscopes" Sensors 20, no. 17: 4786.
China has drawn up new draft guidelines to crack down on the "chaotic" and illegal online promotion of religion, the official Global Times reported on Tuesday, part of a tough state campaign to bring religious worship into line.
All organizations engaged in the dissemination of religious information online will be obliged to apply for licenses from provincial religious affairs departments, the paper said, citing a policy document issued on Monday.
While the license will enable them to "preach and offer religious training", they will not be allowed to live-stream or broadcast religious activities. The dissemination of religious information anywhere other than their own internet platforms is also forbidden.
Chinese citizens are theoretically free to practice any religion as long as it is officially recognized by the government. It has repeatedly cracked down on unauthorized religious activity, with authorities in Beijing shutting down a large Protestant church on Monday.
Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.
Yesterday, the 118th Congress convened for the first time. Newly and reelected Senators were sworn in, appointing Sen. Patty Murray to Senate president pro tempore. Murray made history as the first woman in the country's history to hold that role.
But that historic appointment was overshadowed by a chaotic start for House lawmakers as Kevin McCarthy failed to secure enough votes to become Speaker in three rounds of ballots. The most recent time in history a House Speaker wasn't elected on the first ballot was 1923.
The process highlighted GOP infighting and foreshadowed potential challenges in the coming years. As a result of the delays, no Members have been sworn into office and no legislative business can occur.
Normally electing the Speaker of the House is a relatively smooth process, but given the once-in-a-century delays we've outlined the election process and the unique factors at play below.
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