Call for stricter web finance regulations
Print Edition
INDUSTRY watchers have called for the adoption of new regulatory measures to ensure the healthy development of the Internet finance sector.
Suggested moves include setting up an integrated financial supervisory system and investor protection mechanism.
“The recent cases involving domestic peer-to-peer lending services resulted from a lack of industry rules and scrutiny, as well as the relatively low threshold of the sector,” said Liu Shengjun, dean of the Lujiazui Institute of International Finance at China European International Business School.
In addition to the China Banking Regulatory Commission, securities and insurance watchdogs should be introduced to form an integrated financial supervisory system, Liu told an industry conference.
Li Zhenhua, vice director of Zhejiang Ant Small Finance Research Institute, said an information disclosure system shall also be introduced to ensure the smooth tracking of wealth-management products.
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