Abstract
Under the background of the Fourth industrial Revolution, emerging industries have been developing vigorously. While injecting innovative vitality into the society, they have also exposed problems such as lack of supervision, difficulty in risk control and policy lag in current government governance. By sorting out the application effect and experience of "regulatory sandbox", a nascent governance tool, in different fields around the world, this paper analyzed the applicability and necessity of introducing "regulatory sandbox" into the regulatory system of China's emerging industries from the perspectives of innovation demand, regulatory philosophy and institutional logic. This paper chose the Bike-sharing industry which is extremely representative as the research object. and the "regulatory sandbox" model of Bike-sharing industry is designed to clarify the responsibilities of stakeholders such as the supervision subject, testing subject and participating user of the sandbox, and to explain the operation mechanism such as access, test and exit. Finally, this paper also analyzes the common problems of regulatory sandbox in the development of emerging industries and the special problems in the Context of China. Following this paper, the nascent governance tools such as "regulatory sandbox" and the supervision philosophy of agile governance should be applied to more emerging industries to achieve the goal of balancing innovation and risk, improve regulatory efficiency, and encourage emerging industries to exert a positive influence on society.
Highlights
Governance Challenges in the Development of Emerging IndustriesThanks to the large scale of users and sound infrastructure [1]The fourth industrial revolution is in full swing in China, with the birth of a large number of emerging industries, formats and business models
Introduction to the SEJ SpecialIssue on Business Models: Benoit Demil, Xavier Lecocq, Joan E
Thanks to the large scale of users and sound infrastructure [1]The fourth industrial revolution is in full swing in China, with the birth of a large number of emerging industries, formats and business models
Summary
Thanks to the large scale of users and sound infrastructure [1]The fourth industrial revolution is in full swing in China, with the birth of a large number of emerging industries, formats and business models. (4) Ideal regulatory paradigm of emerging industries For emerging industries with high innovation potential but potential risks, for emerging industries with no precedents and highly uncertain and changeable development paths, for emerging industries that have not met current regulatory requirements or lack relevant policy guidance, for emerging industries that lack testing approaches or have high testing costs, In the government departments to consider the project substantive test value, the future trend, and the current regulatory resources, on the basis of the regulation of sandbox can provide a test the safety of the space, in the process of the sandbox running, can realize to evaluate innovation project, can test and optimization to the current policy is an ideal regulation paradigm.[20] Fintech, the representative field of regulatory sandbox application, is driven by emerging frontier technologies such as big data, blockchain, cloud computing, and artificial intelligence under the background of the fourth industrial revolution, and is the product of deep integration of innovation.[10] It has the same characteristics as emerging industries, so this paper designs the regulatory framework of emerging industries based on practical cases
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