The republic’s central bank said fintechs should be an example of ‘socialism with Chinese characteristics’.
China’s central bank said it will issue a three-year development plan for the country’s fintech sector, which it calls a “new engine” of growth.
The country’s fintech firms “should take the approach of [Chinese president] Xi Jinping's socialism with Chinese characteristics in the new era as the guide”, said the People’s Bank of China (PBOC) in its Fintech Development Plan 2019-2021 on a statement on its website on Thursday.
China is home to some of the world’s largest fintechs such as Ant Financial Services, Tencent and JD.com.
The plan calls for firms and the government to strengthen financial risk controls, “focus on breakthroughs” and boost the quality of financial services.
The central bank said fintechs should “significantly enhance the people's digitalisation, networking and intelligence” and “promote the development of China's financial technology at the international leading level”.
The full development plan is yet to be published.