The Financial Technologies Boom in China: Prospects and Barriers

Abstract

The article covers a wide theme of fintech development in China and its effects on the Chinese economy. The article pinpoints the main benefits for the economy that fintech provides. In addition to that, the authors cover a range of specific problems of the Chinese financial sector, revealing the new fintech circle of the economic development. It demonstrates the synergetic effects of the fintech in the economy. The main findings of the article are that the effects of the fintech development are similar in all the countries, still the risks are specific to the concrete economy and the fintech circle of the economic development. Keywords—financial technologies; innovations; China; economy; economic circle