China to issue guidelines for Web finance companies soon

The central committee of the China Zhi Gong Party, one of the country's eight non-Communist parties, made a proposal to the CPPCC National Committee, urging the authorities to put the various types of Internet financial products and services under the financial regulatory framework of the central bank, the nation's banking, securities and insurance regulators as well as local financial bureaus.

Pan from the PBOC said during an Internet financial forum in November that the central bank would adopt an open and tolerant stance while designing the regulatory framework. The PBOC will leave certain space for the development of Internet finance while drawing the bottom line clearly, he said.

Zhang Daosheng, a spokesman for Zhejiang Ant Small & Micro Financial Services Group Co, an affiliate of Alibaba, told China Daily on Wednesday that any serious player in the Internet finance sector would love to see detailed regulations for the sector.

"Regulations and policies are used to guide the development and direction of the entire sector. We would be happy to know the dos and don'ts," Zhang said.

Peng Lei, chief executive officer of Ant Financial, said in February that her company is "embracing supervision". Peng, whose Ant Financial runs Alipay, China's largest online payment tool, said the size of the company requires it to keep improving its risk control ability and communication skills with supervisors to secure more room in innovation.

She said Ant Financial will open its system to the central bank and other authorities so that they will know its data in real time.