{"title":"Chinese Fintech Innovation and Regulation","authors":"Martin Chorzempa, Yiping Huang","doi":"10.1111/aepr.12384","DOIUrl":null,"url":null,"abstract":"<p>Nowhere has financial technology or “fintech” become larger or as transformative as in China. Fintech, largely developed by technology companies, rapidly turned China from a largely cash-based, backward financial system to a fintech leader globally. At the same time, China's government created an environment conducive to innovation. China's experience with fintech is a rich repository of lessons for other countries aiming to modernize their financial service industries and “leapfrog” up to advanced economies in some respects. It shows how clever reforms can overcome the lack of competition for financial incumbents, but also the mechanisms necessary to ensure regulation and supervision are sufficient for the risks of financial innovation. Finally, policy debates and solutions in China around the power of big tech, including in finance, have relevance to a world increasingly forced to grapple with these issues.</p>","PeriodicalId":45430,"journal":{"name":"Asian Economic Policy Review","volume":"17 2","pages":"274-292"},"PeriodicalIF":4.5000,"publicationDate":"2022-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"14","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Economic Policy Review","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/aepr.12384","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 14
Abstract
Nowhere has financial technology or “fintech” become larger or as transformative as in China. Fintech, largely developed by technology companies, rapidly turned China from a largely cash-based, backward financial system to a fintech leader globally. At the same time, China's government created an environment conducive to innovation. China's experience with fintech is a rich repository of lessons for other countries aiming to modernize their financial service industries and “leapfrog” up to advanced economies in some respects. It shows how clever reforms can overcome the lack of competition for financial incumbents, but also the mechanisms necessary to ensure regulation and supervision are sufficient for the risks of financial innovation. Finally, policy debates and solutions in China around the power of big tech, including in finance, have relevance to a world increasingly forced to grapple with these issues.
期刊介绍：
The goal of the Asian Economic Policy Review is to become an intellectual voice on the current issues of international economics and economic policy, based on comprehensive and in-depth analyses, with a primary focus on Asia. Emphasis is placed on identifying key issues at the time - spanning international trade, international finance, the environment, energy, the integration of regional economies and other issues - in order to furnish ideas and proposals to contribute positively to the policy debate in the region.
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