PBOC’s New Fintech Development Plan Flags More Regulation in the Pipeline

China’s central bank indicated that strengthening regulation of the country’s booming financial technology (fintech) sector, which was hit by a series of crackdowns last year, will be one of its top priorities over the next four years along with promoting data application and green financial services.

Regulation is listed as one of eight key tasks in a summary of the Fintech Development Plan (2022-2025) announced by the People’s Bank of China (PBOC) on Tuesday, which outlines its strategy for developing fintech and driving the digital transformation of finance. The proposals are based on China’s 14th Five-Year Plan, a roadmap for the country’s overall economic and social development from 2021 to 2025, and its long-term goals through 2035, the central bank said.