Regulation of Digital Financial Services in China: Last Mover Advantage

38 Pages Posted: 14 Sep 2015 Last revised: 15 Feb 2016

Weihuan Zhou

University of New South Wales

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Date Written: September 1, 2015

Abstract

Since 1979, China has made tremendous progress in its transformation to a socialist market economy. As part of this process, China’s financial system has evolved to one characterised by a high degree of marketization. At the same time, China today faces new challenges to growth and development, particularly from the necessity of restructuring its economy to focus increasingly on innovation and away from government led investment and low wage labour. In the context of digital financial services, China has been a late mover but this has changed dramatically in the past five years, to the point today where China is one of the major centres for digital financial services and financial technology (“fintech”). Looking forward, China needs to provide an appropriate regulatory basis for the future development of digital financial services and fintech, balancing growth and innovation with financial stability. China today is exhibiting signs of a last mover advantage in this respect that may see it leaping regulatory developments elsewhere.

Keywords: digital financial services, fintech, China, financial regulation, financial inclusion

Suggested Citation

Zhou, Weihuan and Arner, Douglas W. and Buckley, Ross P., Regulation of Digital Financial Services in China: Last Mover Advantage (September 1, 2015). (2015) 8(1) Tsinghua China Law Review 25-62; University of Hong Kong Faculty of Law Research Paper No. 2015/044; UNSW Law Research Paper No. 2015-62. Available at SSRN: https://ssrn.com/abstract=2660050 or http://dx.doi.org/10.2139/ssrn.2660050

Weihuan Zhou

University of New South Wales ( email )

Room 368, the Law Building
UNSW Sydney, 2052
Australia
+61 2 9385 9562 (Phone)

HOME PAGE: http://www.law.unsw.edu.au/profile/weihuan-zhou

Douglas W. Arner (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

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