ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Op-Ed ContributorsEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsTalk from streetDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPInternet-led financial innovation key to structural reformsBy ZHU QIWEN (China Daily) Updated:2016-03-03 08:22Comments Print Mail Large Medium SmallFortunately, the recent rise of Internet banks in China has come to the rescue. It is reported that MYbank, a private lender backed by E-commerce giant Alibaba, has lent a total of 45 billion yuan (around $6.88 billion) in just eight months to farmers, merchants on Alibabas online marketplace, restaurant owners and mom-and-pop stores, extending loans to 800,000 borrowers that have trouble accessing financing through traditional banks.Alibabas rival, Tencent, also runs a private lender called WeBank that focused on consumer credit and wealth management.These new banks are among a group of private lenders approved by the Chinese banking regulator under a trial program to encourage lending to small and private businesses, as well as to rural residents.The competitive edge of such Internet banks is obvious. On the one hand, neither lender has a physical presence, which means both can provide services online or through mobile applications with lower fixed costs. On the other hand, both project their ability to efficiently gather information on clients creditworthiness based on their online activities.Since such Internet banks are relatively new, they cannot claim to be well-prepared for all the risks that the banking sector could face before Chinas economic growth bottoms out. But their advantage in providing financial services to small companies that get little or no attention from traditional banks should be made full use of to help translate the accommodative monetary policy into a real and direct boost for small businesses.If a boom in small businesses, most of which are in the service sector and can create jobs to absorb the shock of the reduction in industrial overcapacity, is vital to the success of Chinas economic transformation, more Internet-based financial innovation should be encouraged to benefit small businesses while related regulations are updated gradually.The author is a senior writer with China Daily. Page 12Next PagePrevious Page 12Next Page0Related StoriesPurecomm startup looks to transform Chinas EcommerceChinese Internet finance platforms offer convenient and interest-free servicesInternet finance is driver for Dalian Wandas growthAlibaba Internet finance gets Seoul fillipMost Viewed Todays Top NewsHousing booms may hurt, not heal, local growthTime to break free of protectionist shacklesAllow space for students to discover themselvesPhilippines arbitration case built on false pretextFunding global public goods for worlds recoveryForum TrendsTips to manage stress when studying abroadWhy are Chinese students heading to the US?Should investment lessons be mandatory?How can doctors and patients regain trust?Are women-only buses discriminatory?Do student evaluations measure teaching effectiveness?What annoys you most while traveling in China?ColumnistsTrumps willingness to talk to the DPRK is the right approachFestival drama peels layers of character who isnt thereFeatured ContributorsTurnball highlights China-Australia FTA as a valuable assetBloody curtain rising to greet US first-ever presidentStar BloggersMy best friend in China: 35th anniversary of China Daily By subeChina Daily is like a friend who stays with me in every mood in my life. If I am happy, I can write a blog and if I am upset, I can enjoy what others have said and let my feelings go away.China Daily, 35 years on: my memories By aixiI first discovered China Daily a few years ago. It was my first visit to China, and I was waiting for my tour guide to arrive.My vision for a smog-free China By eddieturksonI’ve lived in China for quite a considerable time including my graduate school years, travelled and worked in a few cities and still choose my destination taking into consideration the density of smog or PM2.5 particulate matter in the region.SpecialChina Daily, 35 years on: your memoriesPositive energy Leifeng laowai story2016 Happy Chinese New Year…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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