Internet financing boom

The success of online wealth management products such as Yu'ebao has pushed Internet financing into the spotlight and it even appeared in the government work report in March this year.

The root cause of the flourishing Internet financing in China lies in the deficiencies of its traditional financing products, which fail to meet market demand, says a Beijing News column.

Internet financing has also been flourishing in developed countries such as the United States - P2P financing, crowdfunding, and Internet insurance instruments have all emerged. However, they are small in size compared to Yu'ebao's more than 500 billion yuan ($80.5 billion). It is clear that Internet financing is especially popular in China.