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Chinese regulator to add internet finance to macroprudential assessment system

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Chinese regulator to add internet finance to macroprudential assessment system

The People's Bank of China plans to include large internet financial businesses of systemic importance to its macroprudential assessment system, Xinhua News Agency reported Aug. 7, citing a report from the central bank.

The move is expected to improve the central bank's supervisory system, strengthen regulatory oversight of internet businesses and promote new technology. Further, the central bank will also enable industry and local associations to play a bigger role in supervision.

The regulator has strengthened oversight on businesses such as peer-to-peer lending, internet-based asset management, third-party online payment operations and on online financial services' advertisements, according to the report.