PBOC to regulate online finance
<p><span word="Download">Download</span></p><p><span word="The">The</span> <span word="central">central</span> <span word="bank">bank</span> <span word="is">is</span> <span word="likely">likely</span> <span word="to">to</span> <span word="announce">announce</span> <span word="rules">rules</span> <span word="covering">covering</span> <span word="the">the</span> <span word="fast">fast</span>-<span word="growing">growing</span> <span word="Internet">Internet</span> <span word="finance">finance</span> <span word="sector">sector</span> <span word="by">by</span> <span word="midyear">midyear</span>, <span word="a">a</span> <span word="member">member</span> <span word="of">of</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="People">People</span>'<span word="s">s</span> <span word="Political">Political</span> <span word="Consultative">Consultative</span> <span word="Conference">Conference</span> <span word="said">said</span> <span word="Monday">Monday</span>.</p><p>"<span word="The">The</span> <span word="central">central</span> <span word="bank">bank</span> <span word="has">has</span> <span word="arranged">arranged</span> <span word="several">several</span> <span word="meetings">meetings</span> <span word="involving">involving</span> <span word="banking">banking</span>, <span word="insurance">insurance</span> <span word="and">and</span> <span word="securities">securities</span> <span word="regulators">regulators</span>," <span word="said">said</span> <span word="the">the</span> <span word="anonymous">anonymous</span> <span word="CPPCC">CPPCC</span> <span word="member">member</span>, <span word="who">who</span> <span word="has">has</span> <span word="knowledge">knowledge</span> <span word="of">of</span> <span word="the">the</span> <span word="discussions">discussions</span>.</p><p><span word="Regulations">Regulations</span> <span word="are">are</span> <span word="crucial">crucial</span> <span word="for">for</span> <span word="the">the</span> <span word="industry">industry</span>'<span word="s">s</span> <span word="development">development</span>, <span word="according">according</span> <span word="to">to</span> <span word="Li">Li</span> <span word="Daokui">Daokui</span>, <span word="a">a</span> <span word="Tsinghua">Tsinghua</span> <span word="University">University</span> <span word="professor">professor</span> <span word="and">and</span> <span word="former">former</span> <span word="central">central</span> <span word="bank">bank</span> <span word="adviser">adviser</span>. "<span word="There">There</span> <span word="must">must</span> <span word="be">be</span> <span word="reserves">reserves</span> <span word="for">for</span> <span word="Internet">Internet</span> <span word="financing">financing</span> <span word="products">products</span>, <span word="and">and</span> <span word="specific">specific</span> <span word="regulations">regulations</span> <span word="and">and</span> <span word="customer">customer</span> <span word="protections">protections</span> <span word="are">are</span> <span word="needed">needed</span>."</p><p><span word="According">According</span> <span word="to">to</span> <span word="Liao">Liao</span> <span word="Min">Min</span>, <span word="director">director</span>-<span word="general">general</span> <span word="of">of</span> <span word="the">the</span> <span word="China">China</span> <span word="Banking">Banking</span> <span word="Regulatory">Regulatory</span> <span word="Commission">Commission</span>'<span word="s">s</span> <span word="Shanghai">Shanghai</span> <span word="Office">Office</span>, <span word="it">it</span>'<span word="s">s</span> <span word="important">important</span> <span word="that">that</span> <span word="the">the</span> <span word="regulations">regulations</span> <span word="reduce">reduce</span> <span word="risks">risks</span> <span word="connected">connected</span> <span word="with">with</span> <span word="the">the</span> <span word="rapidly">rapidly</span> <span word="growing">growing</span> <span word="sector">sector</span>.</p><p><span word="Deposits">Deposits</span> <span word="with">with</span> <span word="Yu">Yu</span>'<span word="ebao">ebao</span>, <span word="a">a</span> <span word="popular">popular</span> <span word="online">online</span> <span word="financing">financing</span> <span word="product">product</span>, <span word="hit">hit</span> 400 <span word="billion">billion</span> <span word="yuan">yuan</span> ($65.6 <span word="billion">billion</span>) <span word="on">on</span> <span word="Feb">Feb</span> 14, <span word="up">up</span> <span word="from">from</span> 250 <span word="billion">billion</span> <span word="yuan">yuan</span> <span word="on">on</span> <span word="Jan">Jan</span> 15, <span word="according">according</span> <span word="to">to</span> <span word="Zhou">Zhou</span> <span word="Xiaoming">Xiaoming</span>, <span word="vice">vice</span>-<span word="general">general</span> <span word="manager">manager</span> <span word="of">of</span> <span word="Tianhong">Tianhong</span> <span word="Asset">Asset</span> <span word="Management">Management</span> <span word="Co">Co</span>.</p><p><span word="Yu">Yu</span>'<span word="ebao">ebao</span> <span word="was">was</span> <span word="formed">formed</span> <span word="through">through</span> <span word="a">a</span> <span word="partnership">partnership</span> <span word="between">between</span> <span word="Tianhong">Tianhong</span> <span word="and">and</span> <span word="the">the</span> <span word="Internet">Internet</span> <span word="giant">giant</span> <span word="Alibaba">Alibaba</span> <span word="Group">Group</span>.</p><p><span word="Regulations">Regulations</span> <span word="for">for</span> <span word="online">online</span> <span word="financial">financial</span> <span word="companies">companies</span> <span word="should">should</span> <span word="be">be</span> <span word="in">in</span> <span word="line">line</span> <span word="with">with</span> <span word="those">those</span> <span word="of">of</span> <span word="the">the</span> <span word="traditional">traditional</span> <span word="financing">financing</span> <span word="industry">industry</span>, <span word="such">such</span> <span word="as">as</span> <span word="prudential">prudential</span> <span word="supervisory">supervisory</span> <span word="requirements">requirements</span>, <span word="information">information</span> <span word="disclosure">disclosure</span> <span word="and">and</span> <span word="customer">customer</span> <span word="protection">protection</span> <span word="requirements">requirements</span>, <span word="Liao">Liao</span> <span word="said">said</span>.</p><p><span word="He">He</span> <span word="added">added</span> <span word="that">that</span> <span word="establishing">establishing</span> <span word="a">a</span> <span word="clear">clear</span> <span word="and">and</span> <span word="efficient">efficient</span> <span word="dispute">dispute</span> <span word="resolution">resolution</span> <span word="mechanism">mechanism</span> <span word="in">in</span> <span word="line">line</span> <span word="with">with</span> <span word="international">international</span> <span word="practices">practices</span> <span word="between">between</span> <span word="customers">customers</span> <span word="and">and</span> <span word="online">online</span> <span word="financing">financing</span> <span word="entities">entities</span> <span word="is">is</span> <span word="also">also</span> <span word="essential">essential</span>.</p>
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