P2P industry is an important part of Internet finance.

Small loan companies have witnessed significant development since the launching of the pilot project.

Even though China's financial legal system has taken shape, there are still quite a few weak links compared with the requirement for deepening the reform and promoting the rule of law comprehensively.

After 20 years' development, China's financial law system has advanced from a low level to a moderate level step by step.

The Internet credit rises from the transplacement between supply and demand in financial system, which is conducive to bolstering the development of small and micro enterprises.

The difficulties and high costs of financing are the major problems in China's economic development.

This paper, based on international experience, comes up with suggestions on ways to improve China's financial regulations from the perspectives of governance reform and framework reform.