Internet finance the hottest economic topic
Last Updated: 2014-03-09 23:23 | Global Times
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If anyone conducts a survey of hot topics during the two sessions, I will definitely vote "Internet finance."

"Can you talk about the Internet finance? How do you view Yu'ebao?" During the past week, I've posed these questions to a dozen CPPCC members including banking executives and former government officials, and found some subtle changes in their attitudes.

However, the turning point occurred on Wednesday, when PremierLi Keqiangmentioned Internet finance for the first time in a government work report delivered to the second session of the 12th National People's Congress. After that, I found some people who had previously kept silent on the issue became more willing to talk about it in public.

Li said the government will promote the healthy development of Internet finance and improve financial supervision and coordination mechanism, raising heated discussions about the scope of the regulations.

Banking executives support the government beefing up regulation of Internet finance products in a bid to prevent systematic risks, while private entrepreneurs stress the role of Internet finance in encouraging financial innovation and pushing forward ongoing financial reform.

Internet finance is a touchstone to test policymakers' governance wisdom given opinions from different interest groups. Policy watchers are paying close attention to more detailed measures on the sector that are expected to be released later, as an evaluation of the leadership's ambition on deepening the reform.

The Internet is now impacting so many traditional industries ranging from retail to banking, that people are busy guessing which will be the next industry to be challenged.

For traditional business owners, it is better to think about a strategy as early as possible.

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