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FINANCE

Digital Technology Boosts China’s Inclusive Finance Strategy

By Peng Qinqin and Dong Tongjian
Xu Zhong, head of the research bureau at the People’s Bank of China, warned that advanced technology is being exploited by criminals to
Xu Zhong, head of the research bureau at the People’s Bank of China, warned that advanced technology is being exploited by criminals to "sell wealth management products with returns that are too good to be true." Photo: Caixin

Digital technology has given Chinese people previously shut out of the banking system access to financial services, and will improve the ability of farmers, small businesses and individuals to get loans and make investments online, Xu Zhong, head of the research bureau at the People’s Bank of China, said Thursday.

But growth of the industry has been accompanied by an increase in illegal financial practices and fraud, and regulators must remain alert to the risks and fight criminal activities, Xu told a conference on digital financial inclusion in Beijing. He also warned financial institutions not to neglect the risks involved in online finance.

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