China’s annual National People’s Congress (NPC) has started with an interesting focus on online funds.
Zhou Xiaochuan, governor of the People’s Bank of China, and two other central bank officials were cornered by Chinese journalists on the second day of the NPC after some delegates from the financial sector urged stricter supervision of the online funds.
Online funds have taken the banking sector by storm since the first was launched in July last year by Alibaba, one of China’s biggest internet companies. Its fund, Yu’e Bao, has attracted deposits of more than Rmb 410bn ($67bn) from more than 81m users.
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