China to have 'dynamic approach' on fintech innovations

[Photo by Zhang Chengliang/China Daily]

China will adopt a "dynamic approach" to oversee fintech innovations, the central bank governor said on Friday.

"The central bank has started early to conduct research on new technologies in the financial sector. Future supervisors' attitude will be dynamic, which means regulations will depend on the maturity of technology," Zhou Xiaochuan said at a press conference during the ongoing annual session of the 13th National People's Congress.

"We do not prefer speculative products that make people rich overnight. That is not a good thing," he said.

The central bank has banned initial coin offerings last year as part of effort to prevent risks and prevent illegal fund-raising, according to Zhou.

He said innovators should take cautious steps before introducing new products, and innovations should not go against with current stable financial order.