In­ter­net fi­nan­cial prod­ucts face new reg­u­la­tions

China Daily (Canada) - - NEWSCAPSULE -

China is look­ing to de­velop reg­u­la­tions aimed at on­line fi­nan­cial prod­ucts that are be­ing of­fered by In­ter­net com­pa­nies such as Alibaba Group Hold­ing Ltd, Ten­cent Hold­ings Ltd and Baidu Inc.

“We sup­port the de­vel­op­ment of In­ter­net fi­nance be­cause it can take ad­van­tage of ad­vanced in­for­ma­tion tech­nol­ogy to im­prove the qual­ity and ef­fi­ciency of fi­nan­cial ser­vices,” said Zhang Xiao­jun, a spokesman for the Se­cu­ri­ties Reg­u­la­tory Com­mis­sion, “but prob­lems and risks have also emerged as the sec­tor de­vel­ops, show­ing that it should be un­der guid­ance and reg­u­la­tion.”

Yi Huan­huan, deputy di­rec­tor at Hong Yuan Se­cu­ri­ties Re­search In­sti­tute, said In­ter­net fi­nance can help make China’s fi­nan­cial sys­tem — in­clud­ing State-owned banks — more com­pet­i­tive and im­prove the avail­abil­ity of loans to small businesses.

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