CPPCC stresses risk prevention in internet finance development

Updated: 2020-12-05 chinadaily.com.cn

The National Committee of the Chinese People's Political Consultative Conference (CPPCC) called for efforts to balance the development of internet finance and risk prevention at its 20th briefing on issues of major concern on Dec 3. 

Vice-chairmen of the CPPCC National Committee, He Lifeng and Gao Yunlong, attended the meeting, which was chaired by Shang Fulin, chairman of the Committee on Economic Affairs of the CPPCC National Committee. 

Since the 18th CPC National Congress in 2012, China's financial reforms have led to great advancements, and the financial sector has also witnessed rapid development. 

Meanwhile, risks have also mounted with the rapid growth of internet finance as a result of the integration of the internet and finance. Properly handling the relationship between industrial development and risk prevention is of great significance in promoting financial security and cyber security. 

Liu Guiping, vice-governor of the People's Bank of China, and Yu Xuejun, a vice-ministerial level official from the China Banking and Insurance Regulatory Commission, briefed the attendees on the development and risks of internet finance, as well as countermeasures to prevent these risks. 

At the briefing's Q&A session, eight CPPCC National Committee members communicated with officials from relevant ministries on their concerns. 

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