On July 15, the People’s Bank of China (PBC), China’s central bank, released a long-awaited document “Guiding Opinions on Promoting the Healthy Development of Internet banking”. It lays down the broad policy framework to govern internet finance in China, defines the term ‘internet finance’ specifically, and assigns jurisdiction of the sector to various Chinese regulatory bodies.
The release is timely, given that a largely unregulated sector is already a billion-dollar industry which the Communist Party of China (CCP) hopes will bring innovation, entrepreneurship and private capital into the Chinese economy.
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