PBC China English News

Guo Shuqing Keynote on China FinTech Developments and Regulatory Lessons at Singapore FinTech Festival

Guo Shuqing, Chairman of CBIRC and Secretary of CPC PBC Committee, delivered a keynote at Singapore FinTech Festival 2020 covering China's FinTech developments, regulatory lessons, and future challenges. He reviewed four regulatory cases: P2P platforms (over 10,000 platforms total, all closed by mid-November 2020), third-party payment platforms requiring reserve fund deposits with the central bank, internet financial companies inducing overspending, and data privacy violations by tech companies. Guo outlined five future issues requiring attention: cyber security (over 90% of banking transactions now online), fair market competition regarding BigTech dominance, 'too big to fail' concerns, data ownership clarification, and international coordination for cross-border data flow.

Governor Yi Gang Meets with Ambassador Tarumi Hideo of Japan

On January 8, 2021, People's Bank of China Governor Yi Gang met with Mr. Tarumi Hideo, Japan's newly appointed Ambassador to China. The two officials exchanged views on recent developments in the Chinese and Japanese economies and discussed avenues for strengthening bilateral financial cooperation. This meeting represents a diplomatic engagement between the two central banks focused on regional financial relations.