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Xinhua Silk Road
News for Outlets

​China's internet banks embrace favorable policies

June 22, 2020


Abstract : China has introduced a series of measures recently to ease the funding pressure faced by internet banks and promote cooperation between mainstream financial institutions and internet banks.

SHANGHAI, June 22 (Xinhua) -- China has introduced a series of measures recently to ease the funding pressure faced by internet banks and promote cooperation between mainstream financial institutions and internet banks.

The role of policy finance should be strengthened in counter-cyclical regulation, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), at the Lujiazui Forum held last week in Shanghai.

More than 100 billion yuan of sub-loans will be put into place mainly for small-and medium-sized banks and internet banks especially, according to Guo.

In fact, a series of support measures have been implemented. The CBIRC recently said in a statement that policy banks and commercial banks are encouraged to strengthen business cooperation with private banks that operate mainly relying on the internet.

The CBIRC has also drafted the interim measures on the administration of internet loans of commercial banks, which provides a basis for the cooperation between mainstream commercial banks and internet banks in the loan business.

Industry analysts point out that inter-bank cooperation will make up for the funds shortage in internet banks, improve their anti-risk ability and help more small and micro enterprises to get financial support.

Experts suggest the sources of debts for internet banks should be further expanded to help them find access to capital and they should be allowed to be the first to try out product and service innovation while providing guide on properly managing liquidity risk.

(Edited by Yang Qi with Xinhua Silk Road, kateqiyang@xinhua.org)

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Keyword: internet banks

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