After circular trading is identified as a transaction in the name of lending,there are great differences in practice whether the channel party should bear the compensation responsibility for the fund provider.In the nominal buying and selling relationship and the actual lending relationship,the channel party has a variety of legal status;In different transaction structures,the channel party can be divided into many types.The channel party bears the liability for compensation to the fund provider within a certain range,which helps to curb the occurrence of circular trading,and helps to implement the requirements of strict financial supervision and administration and the SASAC on prohibiting financing trade.When the lending and borrowing relationship is invalid,the channel party shall be responsible for the fault of the third party in contracting.When the lending relationship is effective,the channel party that directly enters into a sales contract with the fund provider shall bear the contracting negligence liability within a certain range according to the degree of fault,while the channel party that does not directly enter into a sales contract with the fund provider shall bear the third party's contracting negligence liability for the invalidation of the sales relationship.The downstream channel party that makes repayment commitment to the fund provider and the debt party that constitutes the lending relationship shall jointly bear joint liability to the fund provider together with the fund demander.
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