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Internet Finance: Segment-Specific Regulation Expected

Internet finance, which has been gaining momentum in China, met with regulatory tightening by the domestic financial authority this spring.

Just days after the conclusion of this year’s “two sessions,” during which there was much talk about supporting innovation in Internet banking, a draft document named Regulations on Payment Institutions’ Online Payment Business was unveiled March 17. The draft document, sent by the Payment & Clearing Association of China to third-party payment companies, aims to impose strict restrictions on the latter’s business development. Three days before the document was issued, the Payment and Settlement Department of the People’s Bank of China (PBC) published a notice, calling a temporary halt to AliPay and Tenpay’s quick response (QR) code payment and virtual credit card business.

Issue 388
Print:2014-03-24
By Nouriel Roubini
Emerging economies today are more fragile and volatile than in the recent past. Structural reforms imply the need to pay short-term costs for longer-term benefits.
By staff reporters Cai Tingyi, Xu An, and Wang Yu, and Special Correspondent Ma Xiu
MH370 is believed to have crashed in the southern Indian Ocean, but the reasons why the flight deviated so far remain a mystery.
By staff reporter Qu Yanli
Backed by the country’s strong appetite for gold, the international board where gold is denominated in offshore RMB is expected to boost China’s say in the pricing of the precious metal.
By Liu Sida
The annual assessment system not only restricts the market conduct of lawyers, it also hinders the realization of legal profession political functions.

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