The essence of the plan, lies in the Chinese regulators goal to increase the “controllability” of fintech in China while also strengthening risk prevention. The PBoC, they say, wants to put itself in a position where it can adequately supervise fintech developments before it lets the industry go wild.
It set up a fintech committee in May 2017 “with the purpose of strengthening fintech work in research, planning and comprehensive co-ordination”. Since then, it has moved towards issuing its own cryptocurrency. In August, deputy director of payments Mu Changchun said the PBoC was close to issuing the currency, in what would be a global first for a large central bank. The two tracks of policy — one pushing back on fintech, the other pulling it forward — have struck onlookers as contradictory. But a three-year fintech development plan published late last month might help to clear up some of the confusion.