SCIO press conference on China's financial statistics in 2022

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What have financial regulators done to promote the rectification of the platform economy in the past two years? What progress has been made so far? What is the policy direction for rectifying the platform economy, including financial technology regulation? Thank you. 

Ma Jianyang:

Thank you for your questions. I have just made a brief introduction about this; let me add something more. The PBC, China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission, under the leadership of the CPC Central Committee and the State Council, have made solid efforts to rectify prominent problems in Ant Group and 13 other large platform enterprises since November 2020, according to the deployments of the Office of Financial Stability and Development Committee under the State Council. The problems included unlicensed businesses, regulatory arbitrage, unregulated expansion and behaviors that infringe on consumers' rights and interests. For more than a year, regulatory authorities, and especially those 14 platform enterprises, have taken active steps, demonstrated their understanding and achieved some positive results. Currently, most of the problems have been rectified. Large platform enterprises' awareness of rule-based business operation, fair competition and consumer protection has increased significantly, and their financial services have continuously improved. Meanwhile, financial authorities have tackled both symptoms and root causes and accelerated the development of the regulatory system. They introduced a series of targeted systems and documents in the fields of third-party payments, personal credit, internet deposits, insurance, securities and funds. The framework of a normalized supervision system of financial services of platform enterprises has taken shape, which has laid a sound institutional foundation for ongoing normalized supervision. 

Next, financial authorities will earnestly implement the principles of the 20th CPC National Congress and the Central Economic Work Conference, work unswervingly both to consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector, place equal emphasis on development and regulations, and support the sound development of the platform economy. First, we will continue to speed up the rectification of a few unsettled problems of relative platform enterprises to complete the rectification work. Second, we will improve normalized supervision, regulatory systems and mechanisms. We will strengthen the regulatory capacity in science and technology, support platform enterprises to operate in accordance with rules and the law, and develop financial services in a steady and prudent fashion. We will show no tolerance for financial activities in violation of laws or regulations. Third, we will do research and formulate financial measures to promote the sound development of the platform economy. This will include supporting platform enterprises in improving their capacity for scientific and technological innovation, quality and service efficiency, thus consolidating and enhancing their international competitiveness. We will give full play to their abilities in spearheading development, creating job opportunities, and international competition. Thank you. 

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