People's Bank of China Counselor........>

CHINA PRESS: People's Bank of China Counselor Sheng Songcheng said at a forum

Thursday that a key task for the newly established Financial Stability and

Development Committee under the State Council is to strengthen supervision over

financial technology and hold financial institutions accountable, China Business

Network reported. Sheng said that recent regulations and government moves to

clamp down on the illegal practices of fintech companies show that improving the

investment environment of the sector and defending the interests of consumers

are urgent tasks, the report said. Shang stressed that if risks triggered by

fintech companies spread, it could seriously damage the safety of the financial

system and social stability. (China Business Network)