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No change in monetary policy: central bank

(chinadaily.com.cn)

Updated: 2015-03-12 15:06:59

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Zhou Xiaochuan, governor of People's Bank of China, smiles while taking questions from journalists at home and abroad during an ongoing press conference on March 12, 2015. [Wei Xiaohao / chinadaily.com.cn]

Govt to study ways to boost private banks

China will study more detailed rules to boost the healthy development of private financial institutions, said Zhou.

The higher threshold for private banks is for the safety concern, as banks manage capital for customers, said Zhou.

The standard and condition to set up private banks should be definite, one important measure of which is whether they are capable of identifying and digesting risks. And stricter supervision is needed to insure all businesses comply with rules.

In addition, financial infrastructure, including payment, clearance and transaction measures should be in place for operation.

P2P lending needs tighter controls

New policy on regulating Internet finance is under discussion and drafting and will be carried out soon, Zhou said.

Unlike Internet financing modes such as online payment, crowd funding and other Internet finance products that have been developing fast on a healthy path, peer-to-peer (P2P) lending business has seen many problems, Zhou said. Tightening the supervision in this industry will help better develop the business to better serve the customers.

However, the risks in this business can be hard to predict because the technology in Internet businesses develops fast, Zhou said.

"We cannot foresee the ever-changing Internet business thus we can only carry out regulations that adapt into the changing rules gradually," said Zhou, adding that "you have to think if you are prepared well enough for the risks when participating in such businesses."