China's financial system is adapted to local conditions, and many policies are pushed while trying. After being recognized by the market, legislation will be made to determine supervision. If there is a major mistake before legislation or someone just takes advantage of this loophole to bring losses to investors, they can only learn from the regulatory measures of other countries in the world to punish them. The recent fuse mechanism is the experimental result, which was forced to stop because it did not conform to the national conditions of China. Since the online finance was launched last year, at least one-third of the companies have problems, and the state has not seen specific legal supervision, and there is no clear liability for investors' losses. China enforces laws first and then legislates, which makes it easy for criminals to take advantage of it. The responsibility is not clear, and it is difficult to find the person responsible after the accident. Other details, there is no specific regulatory department, and there is serious wrangling between departments.