Enhancing Internet supervision
Print Edition
CHINA’S first national Internet Finance Association aims to improve self-regulation of Internet finance companies to ensure the healthy development of the industry.
The association’s immediate tasks will be to draft a set of management rules and standards, establish a mechanism for self-regulation and punishment as well promote business communication and information sharing, according to a statement.
The Shanghai-based association, set up yesterday, also seeks to protect the legal rights of its more than 431 companies which have joined as the first batch of members. The companies come from a range of industries including banking, securities, futures, insurance, trust, asset management, guarantee and Internet services.
The association, initiated by the People’s Bank of China and led by various financial regulators, chose Li Dongrong, a former central bank vice governor, as its director.
Pan Gongsheng, vice governor of the central bank, said the creation of the association is a milestone in China’s Internet finance development. He added that a mix of rules and self-governance is needed to restore order to the previously gray market.
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