Nation's central bank warns of digital financial risks

Chinese policymakers should keep a close eye on digital finance risks by developing regulatory frameworks and supervisory approaches, according to a report jointly issued by the country's central bank and the World Bank Group on Sunday.

The report acknowledged that China has been a leader in the global fintech revolution, "with new technology-driven providers transforming how Chinese consumers make payments, borrow, save, insure themselves against risk, and invest".

The report, titled "Toward Universal Financial Inclusion in China: Models, Challenges, and Global Lessons", applauded the fact that "China has achieved remarkable success in financial inclusion over the last 15 years" after examining the country's approach and comparing the financial inclusion progress made by the country against peer economies.