Research on Regulatory Sandbox Setting for the Development Needs of Emerging Industries

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.