The People’s Bank of China (PBOC), the country’s central bank, announced plans to introduce new policies that will govern how Internet finance operates in the country.
Internet finance includes online payment, crowd-funding and online sales of finance products.
According to PBOC Governor Zhou Xiaochuan, the new policies are aimed at supporting the growth of Internet finance and will ensure appropriate regulations are in place, in accordance with the current regulation framework.
The proposed policies were drafted last year following a series of consultations between regulators and relevant industries.
China’s Internet finance is expected to further grow in the coming years after surpassing USD47.82bn in accumulative business volume in 2014.