Download
The central bank is likely to announce rules covering the fast-growing Internet finance sector by midyear, a member of the Chinese People's Political Consultative Conference said Monday.
"The central bank has arranged several meetings involving banking, insurance and securities regulators," said the anonymous CPPCC member, who has knowledge of the discussions.
Regulations are crucial for the industry's development, according to Li Daokui, a Tsinghua University professor and former central bank adviser. "There must be reserves for Internet financing products, and specific regulations and customer protections are needed."
According to Liao Min, director-general of the China Banking Regulatory Commission's Shanghai Office, it's important that the regulations reduce risks connected with the rapidly growing sector.
Deposits with Yu'ebao, a popular online financing product, hit 400 billion yuan ($65.6 billion) on Feb 14, up from 250 billion yuan on Jan 15, according to Zhou Xiaoming, vice-general manager of Tianhong Asset Management Co.
Yu'ebao was formed through a partnership between Tianhong and the Internet giant Alibaba Group.
Regulations for online financial companies should be in line with those of the traditional financing industry, such as prudential supervisory requirements, information disclosure and customer protection requirements, Liao said.
He added that establishing a clear and efficient dispute resolution mechanism in line with international practices between customers and online financing entities is also essential.
Li Kemu, vice-chairman of the China Insurance Regulatory Commission, said that more licenses will be gradually granted to online insurance companies.
At present, there is only one online insurance company. But regulators will slowly ease access to the market, according to Li, a member of CPPCC.
As of the end of last year, 60 insurance firms in China had expanded to online sales channels, up 46 percent from two years earlier, according to a report by the insurance regulator.
About the broadcaster:
Nelly Min is an editor at China Daily with more than 10 years of experience as a newspaper editor and photographer. She has worked at major newspapers in the U.S., including the Los Angeles Times and the Detroit Free Press. She is also fluent in Korean.
体坛英语资讯:Di Maria spearheads PSGs Classique victory over Marseille
C罗开了个植发诊所,拯救西班牙的头发与经济
坐着吃饭比站着香?要想减肥请站着吃饭
《小猪佩奇》性别歧视?伦敦消防局批其用词不当
我国结婚率创历史新低
Black People 黑人
美团、饿了么回应偷听质疑,网友:那怎么说啥就推荐啥
五招帮你减少室内毒害
国际英语资讯:Over 25,000 Moroccan underage girls get married in 2018: minister
国际英语资讯:Golan Heights will always remain Arab Syrian territory: envoy
国际英语资讯:Pompeo discusses Hezbollah with Lebanese officials
国际英语资讯:Vietnam to launch 5G service soon: minister
娱乐英语资讯:Chinese pianist Lang Lang gives concert in Madrid
《千与千寻》国内上映:一等就是18年
体坛英语资讯:Bayern defend top spot in German Bundesliga
国际英语资讯:Trump claims liberation of all IS-controlled territory in Syria, Iraq
怎样和男朋友或者女朋友一起制定一个旅行计划
麦当劳在时代广场开了家三层楼高的旗舰店
国内英语资讯:China, Italy agree to expand legislative exchanges
体坛英语资讯:Ex-Bayern defender Rafinha signs with Flamengo
第一所5G校园诞生
体坛英语资讯:Durant back for NBA Finals Game 5
国际英语资讯:Trump says has no idea about Mueller report timing
国内英语资讯:Chinas top legislator meets U.S. delegation
体坛英语资讯:Wushu championships kick off in New York
体坛英语资讯:Yuzuru Hanyu arrives at Japan, misses first day of practice at Saitama Worlds
国内英语资讯:UK-China initiative funds poverty alleviation project in northwest China
国际英语资讯:Indian, Pakistani troops exchange fire on Kashmir LoC
微信扫码购在德国赢得IF设计金奖,设计界奥斯卡
国际英语资讯:Ireland-China trade, investment forum held in Dublin
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |