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Internet Banking: A Two-Horse Race

Internet banking, which came into being only a decade ago, has shaken up the tightly-regulated financial industry and opened up new possibilities for the booming Internet industry as it thrived in the last year.

Internet banking is likely to "terminate" traditional banking and reduce banks to mere conduits of capital going forward. Internet banking is the future of the financial industry, which will be dominated by Internet companies competing with one another. A race initiated by emerging Internet giants, in particular Alibaba Group (Alibaba) and Tencent, to develop innovative products and grab market share in the e-finance sector, has accelerated as of late.

Starting with the launch of Alipay in Oct. 2003, Aliloan, the financial arm of Alibaba, has established an innovative business model that takes into account the needs of both online and offline users by leveraging on the group's extensive channels and massive data.

Issue 380
By Hu Xiaolian, PBoC Deputy Governor
Financial resources, if fully mobilized and utilized appropriately, will underpin China's sustainable and healthy economic development.
By Ji Weidong, Dean of Koguan Law School of Shanghai Jiaotong University
istrative reform should only be carried out after the establishment of a universal legal system, because in the absence of a unified legal order, decentralization reform would come with great risk.
By staff reporter Liu Yan
The difficulty of the current reform is in regulating profits, which has to rely more on top-level design.
By CAS President Bai Chunli
Breakthroughs in the new technological revolution are most likely to be made in fields that best match economic and social development.

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