China to have 'dynamic approach' on fintech innovations
China will adopt a "dynamic approach" to oversee fintech innovations, the central bank governor said on Friday.
"The central bank has started early to conduct research on new technologies in the financial sector. Future supervisors' attitude will be dynamic, which means regulations will depend on the maturity of technology," Zhou Xiaochuan said at a press conference during the ongoing annual session of the 13th National People's Congress.
"We do not prefer speculative products that make people rich overnight. That is not a good thing," he said.
The central bank has banned initial coin offerings last year as part of effort to prevent risks and prevent illegal fund-raising, according to Zhou.
He said innovators should take cautious steps before introducing new products, and innovations should not go against with current stable financial order.
- UK bank to offer Chinese payment options
- To achieve gender equality, we need women entrepreneurs
- Credit where it's due
- HKSAR gov't to spend HK$557 bln in fiscal year 2018-2019
- Remarks by H.E. Ambassador Liu Xiaoming at the HSBC Chinese New Year Luncheon: Build on Past Achievements and Aim for New Success
- 'Cultural cleansing in Taiwan is bound to fail'
- China refutes report linking AI firm to military use
- Shenzhou XX astronauts complete second series of extravehicular activities
- China warns Philippines not to introduce weapons in Asia-Pacific
- European envoys visit China's top political advisory body as ties mark 50th year
- Shanghai museum displays ancient civilization of Hongshan Culture
