Chinese Internet finance to lead the world

On Feb 10, 2015, the social science hall of the Chinese Academy of Social Sciences hosted the grand opening of the "Chinese internet financial regulation policy and credit construction symposium".

The symposium followed the principle of "thought emancipation and a hundred schools of thought contend". Participants conducted discussions aimed at facilitating the sound development of the Internet finance industry and making it provide more standard services for medium, small and micro-sized enterprises and "agriculture, rural areas and farmers". They put forward many innovative ideas for how Chinese Internet finance can best serve Chinese economic development under the new normal.

The development speed of Chinese Internet finance attracted much attention in 2014. By the end of December, the accumulative business volume for the year surpassed 300 billion yuan ($47.82 billion), about 390,000 people were employed in the peer-to-peer network loan industry, more than 2 million enterprises had been served, and about 60 million employees in relevant industries have been involved. These data show the prosperous development of Chinese Internet finance. Yuan Shanxiang, deputy director of the Foreign Trade International Finance Research Center of the Chinese Academy of Social Sciences and the secretary general of the Chinese Internet Finance Honesty League, said: "Internet finance brought in China has achieved rapid development through constant improvement and innovation. The future global Internet finance rules will be made by China and China will definitely lead the trend of world Internet finance."