One of China’s most prominent economists has called for the country’s fintech development policy to be elevated to the status of a national strategy.
Lian Ping (连平), director of the China Chief Economist Forum (CCEF) and chief economist of Zhixin Fund, said that fintech would play a critical role in the future development of the Chinese economy.
“Fintech development is not only extremely critical to the financial sector, but has emerged as critical in many aspects of national strategy, and it is necessary to elevate it to the height of a national strategy to undertake planning,” said Lian.
“[This] will provide a support and guarantee that China will always be at the industry forefront of this area in future.”
Lian made the remarks on 25 August during a keynote speech for the 3rd Zhanfang Cup 5G Applications Competition held in Chengdu.
“Chinese fintech development is already in a leadership position globally, but at present the advantages of this industry have not been able to ascend into core technological advantages,” Lian said.
In August 2019 PBOC released its Fintech Development Plan (2019 – 2021) outlining “guidance ideology, basic principles, development targets, key missions and guarantee mechanisms” for fintech work over the upcoming three years.
In June 2020 Li Wei (李伟), head of the Chinese central bank’s fintech department, said it was currently researching and drafting implementation cases and guidance for the “Fintech Development Plan