Online finance sector to be regulated

Chinese authorities will spend one to two more years strengthening regulation on the online finance sector and establishing an industrial regulatory system, the People’s Bank of China (PBC), the country’s central bank, said on Monday.

Preventing and resolving risks, financial risks in particular, is a primary task for Chinese authorities now and in the future, deputy PBC Governor Pan Gongsheng said in a statement posted on the PBC website.

Pan noted that relevant departments will make efforts to build a long-term mechanism for online finance regulations and will ensure internet technology plays an active role in allocating financial resources.