China Accelerates National Fintech Development Plan

March 13, 2019 | BY

Marilyn Romero

The People's Bank of China will roll out an ambitious plan for fintech following enthusiasm during the Two Sessions.

China will introduce a national development plan that will develop the use of financial technology, or fintech, more widely to serve the country's real economy, said Fan Yifei, deputy governor of the People's Bank of China (PBOC) at a news conference on March 10.

At the end of last year, the central bank teamed up with the National Development and Reform Commission to run a trial fintech program in 10 Chinese cities including Beijing, Shanghai and Shenzhen, and the government now plans to accelerate this into a national fintech plan.

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