China’s securities regulator has announced that it will further expand the scope of ongoing trial schemes for the development of new fintech innovations, in a bid to improve the efficiency of the Chinese financial sector.
In a speech delivered at the 2023 Jinan Science and Technology Innovation Finance Forum, Yao Qian (姚前), Director of the Technology Supervision Bureau of the China Securities Regulatory Commission (CSRC), said the breadth and depth of fintech innovation pilots should be gradually expanded in order to foster the development of the sector.
Yao said that fintech would play a critical role in improving the efficiency of the Chinese financial sector.
“In order to further enhance the functionality of capital markets and improve the quality and efficiency of its service of the real economy, it is necessary to adhere to the core driving force of technological innovation and increase efforts to promote the digital transformation of the sector” Yao said.
“Policy tools should be used effectively, and the experience of fintech innovation pilot schemes in various regions should be fully summarized. The institutional framework for the application, regular supervision, and exit of pilot schemes should be improved, and the responsibilities of all parties should be strengthened.
“Detailed management of project selection should be strengthened, highlighting and promoting outstanding projects, and expanding the scope of pilot projects at appropriate times.
“Core market institutions, securities funds, futures operating agencies and tech enterprises are encouraged to actively explore the application of emerging technologies to business scenarios such as trading, investment consultation, and risk management, in order to transform fintech into a powerful strong engine for servicing the real economy.”