LINE

    Text:AAAPrint
    Economy

    China advised to keep close eye on digital finance risks: Report

    1
    2018-02-12 09:23chinadaily.com.cn Editor: Li Yahui ECNS App Download

    Chinese policymakers are advised to continually keep a close eye on digital finance risks through developing regulatory frameworks and supervisory approaches, according to a report jointly issued by the country's central bank, the People's Bank of China, and the World Bank Group, on Sunday.

    It also acknowledged that China has been a leader in the global fintech revolution, "with new technology-driven providers transforming how Chinese consumers make payments, borrow, save, insure themselves against risk, and invest".

    The report, Toward Universal Financial Inclusion in China: Models, Challenges, and Global Lessons, applauded that "China has achieved remarkable success in financial inclusion over the last 15 years" after examining the country's approach and benchmarking the financial inclusion progress against peer economies.

    Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, including transactions, payments, savings, credit and insurance.

    "China's rate of account ownership – a basic metric of financial inclusion – has increased significantly and is now on par with that of other G20 countries," while having the world's largest agent banking network, a press release on the website of the World Bank said on Sunday.

    The ongoing fintech revolution in the world's second largest economy is motivating traditional financial service providers to actively pursue digitally-enabled business models to integrate financial services into existing e-commerce or social media platforms, which has actively broadened finance inclusion achievement, the report's conclusion showed.

    "China's experience provides valuable lessons to authorities in other countries who are fashioning their own pathways toward sustainable and long-term financial inclusion," it said.

    The report also warned the country's authority to address financial consumer protection risks given the limited digital and financial literacy of many consumers.

    Risk of digital finance is also elevated, which is especially related to data privacy and fraud, forming new challenges to achieving sustainable and long-term financial inclusion.

    "The country will need to shift toward more market-based, commercially sustainable approaches to financial inclusion," the report suggested.

      

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    News
    Politics
    Business
    Society
    Culture
    Military
    Sci-tech
    Entertainment
    Sports
    Odd
    Features
    Biz
    Economy
    Travel
    Travel News
    Travel Types
    Events
    Food
    Hotel
    Bar & Club
    Architecture
    Gallery
    Photo
    CNS Photo
    Video
    Video
    Learning Chinese
    Learn About China
    Social Chinese
    Business Chinese
    Buzz Words
    Bilingual
    Resources
    ECNS Wire
    Special Coverage
    Infographics
    Voices
    LINE
    Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2018 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    主站蜘蛛池模板: 雅江县| 石渠县| 辽宁省| 湟源县| 平武县| 嵊泗县| 峨眉山市| 扶沟县| 安新县| 天台县| 垫江县| 彰化县| 榆林市| 台南县| 樟树市| 清流县| 文成县| 孙吴县| 二连浩特市| 拉萨市| 眉山市| 乐昌市| 六枝特区| 江门市| 溧水县| 隆子县| 温州市| 灵寿县| 普宁市| 塔城市| 红安县| 山东| 淮滨县| 阿瓦提县| 渝北区| 通渭县| 和平区| 高平市| 瓦房店市| 临沭县| 临邑县|