Chinese Central Bank Calls for Greater Haste in Remedying Fintech Regulatory Gaps, All Encompassing Prudential Regulation

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A senior official from the People’s Bank of China (PBOC) has called for greater efforts to address shortcomings in the regulatory regime for the Chinese fintech sector.

PBOC deputy governor Chen Yulu (陈雨露) said that the authority would “accelerate the compensation of shortcomings in fintech regulation, and include all financial institutions, financial services and financial products within the prudential regulatory framework.”

Chen made the remarks at the 2021 China International Finance Annual Forum (2021中国国际金融年度论坛).

The PBOC deputy-governor also said that the central bank would “continue to uphold the principles of marketisation, the rule of law and internationalisation; continue to deepen financial sector opening, and drive systemic opening.”

Key measures outlined by Chen included:

  1. Improving the negative list system for treatment of foreign companies prior to entry into the Chinese market.
  2. Optimizing regulatory policy and creating an excellent commercial environment.
  3. Continually improving economic and financial regulatory capability and risk prevention and control levels, under conditions of continually increasing openness.

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