Platform companies basically rectified most problems of their financial businesses

Under the guidance of financial regulators, 14 large Chinese platform companies, including Alibaba Group, have rectified most of their problems and significantly raised consciousness in doing business in compliance with regulations, competing fairly and protecting consumers, said a central bank official on Friday.

Their financial businesses have also been constantly regulated, said Ma Jianyang, an official with the financial market department of the People's Bank of China, at a news conference held by the State Council Information Office.

The regulators will keep pushing these platform companies to accelerate efforts to rectify the rest of their problems, further improve regulatory mechanisms and enhance the level of regular supervision. They will support platform companies to develop financial businesses prudently and adopt a zero-tolerance policy against the financial activities violating laws and regulations, Ma said.

In addition, financial regulators have launched a series of regulatory documents, including those concerning third-party payments and personal credit reports. Therefore, China has initially formed an institutional framework for regular supervision of platform companies’ financial businesses.

The regulators will formulate financial measures to promote healthy development of the platform economy, and support platform companies to improve technological innovation capabilities and enhance global competitiveness, he said.