Chinese Central Bank Will Spend Next Two Years Targeting Online Finance Risk

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The People’s Bank of China (PBOC) said that the ongoing crackdown on risk in relation to online forms of finance will continue for the next one to two years.

PBOC recently convened a meeting on the “specialist rectification of online financial risk” with members of the Online Financial Risk Specialist Rectification Work Leadership Team (互联网金融风险专项整治工作领导小组), where team head and PBOC vice-governor Pan Gongsheng (潘功胜) delivered the keynote speech.

Pan said that the prevention and resolution of key forms of financial risk was the most important of the Chinese central government’s “three battles.”

“Online financial risk is an important aspect of financial risk, and the next one to two years will be spent completing specialist rectification of online financial risk, resolving existing risk and removing hidden risk hazards, while simultaneously establishing a regulatory system which is adapted to the unique features of online finance.”

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