Home > News

Regulation should keep up with development of Internet finance: official

chinadaily.com.cn Updated: 2015-12-16


d8cb8a3d712f17db5f3d0d.jpgGuo Qingping, vice-governor of the People's Bank of China, speaks at a forum on the sideline of the Second World Internet Conference held in Wuzhen, East China's Zhejiang province, on Dec 16, 2015. [Photo/Zjol.com.cn]

China's regulation system need to be adjusted and improved along with the development of Internet finance, said a senior official from the central bank Wednesday.

Internet finance is a new thing in China, so there will be a long time before it can develop in a healthy and regular way, said Guo Qingping, vice-governor of the People's Bank of China, at a forum on the sideline of the Second World Internet Conference held in Wuzhen, East China's Zhejiang province.

Guo pointed out that three pairs of relationships need to be taken care of for the Internet finance to further develop in the country.

One is the relationship between Internet finance and traditional finance. "We need to support and regulate new forms of Internet finance, such as third-party payment, crowd funding and online lending platforms, and at the same time encourage traditional financial institutions to provide new products and services based on Internet technology, so as to build a coordinated financial system," said Guo.

The second is to properly deal with innovation and risk control. "We need to stick to our bottom line of preventing systemic and regional financial risks and distinguish illegal activities from legal ones," said Guo.

The third is the relationships between the government and market, administration regulation and self-discipline. The government, society and market should play their expected roles to build a modern governing system for Internet finance to develop in a continuous and healthy way.


ORGANIZED BY
Cyberspace Administration of China
People's Government of Zhejiang Province
CO-ORGANIZED BY
United Nations Department of Economic and Social Affairs
International Telecommunication Union
World Intellectual Property Organization
GSMA
HOSTED BY
Secretariat of World Internet Conference (Preparatory Office)
Cyberspace Administration of Zhejiang Province
Economy and Information Technology Department of Zhejiang Province
Tongxiang Municipal People's Government
National Internet Emergency Center
CONTACT US
Tel: 0086-571-85311391(For Conference) 0086-571-85800770-213(For Exhibition)
Fax: 0086-571-85195207
Email: service@wicwuzhen.cn
QQ: 2092919312

Copyright © World Internet Conference. All rights Reserved
Presented by China Daily. 京ICP备13028878号-23

Copyright © World Internet Conference. All rights Reserved Presented by China Daily. 京ICP备13028878号-23