In recent years, FinTech, driven by a combination of factors such as technological advances, financial deepening, and changing customer bases, has been growing rapidly in China, creating significant impact on traditional financial products, businesses, services, and organizational structure. This paper provides a systemic summary of China’s FinTech development on multiple dimensions including main business forms and technologies, focusing on the regulation and self-regulation of China’s FinTech industry, offering an in-depth analysis of the challenges the industry faces, and proposing corresponding recommendations to promote development.
Xiao Xiang, PhD, a holder of the professional title of Senior Economist and a graduate from Renmin University, is the head of the Research Department of the National Internet Finance Association of China (NIFA) and the vice director of the Institute of Financial Standards. Prior to joining NIFA, he worked at the Financial Research Institute of the People’s Bank of China. His main areas of research are internet finance, FinTech, and financial inclusion. Dr. Xiao has published multiple academic papers on journals such as China Finance and Tsinghua financial review, and is the author of Research on Fiscal Policies Promoting Inclusive Growth and a participant in the compilation of a series of specialized books such as China Internet Financial Annual Report, Low-Carbon Finance, A New Era of Finance, and Sharing Finance.