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Guidelines due on Chinese web finance companies

China will soon release guidelines on internet finance, China Daily reports09 Mar 2015

Pan Gongsheng, deputy governor of the People's Bank of China, said the bank will play a lead role in developing the guidelines and establishing a regulatory framework for the sector. 

Internet financial products and services are growing rapidly in China, China Daily said.

China is already the world's largest peer-to-peer lending market, with 1,400 peer-to-peer lending platforms in place by September 2014, raising funding of 110 billion RMB (US$18 billion). Yu'ebao, an online monetary fund run by e-commerce company Alibaba had assets of 578.9 billion RMB at the end of 2014, China Daily said.

Zhang Daosheng, a spokesman for Zhejiang Ant Small & Micro Financial Services Group Co, an affiliate of Alibaba, told China Daily that he would be glad 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.