Assessing the Impact of the Fintech Development Plan (2022-2025) on China's Fintech Sector

Abstract

2022, a significant shift occurred as China embarked on the Fintech Development Plan (2022-2025) [金融科技发展规划 (2022-2025年)]. That year marked a transition from fortifying the foundation of fintech to leveraging its growth potential. As fintech continues to reshape the global financial landscape at a breakneck pace, China emerges as a frontrunner with its financial institutions actively embracing digital transformation in 2022, utilizing cutting-edge financial technologies to ensure the sustained and stable growth of the fintech sector. They also enhanced the overarching system and established ethical and prudent regulations for fintech.

Unveiled by the People's Bank of China (PBoC) in January 2022, this forward-looking plan articulates the government's strategic vision for the fintech sector in the coming four years. The first Plan — Fintech Development Plan for 2019-2021, released in 2019, focused on laying the foundation for the fintech sector, while this new Plan emphasizes building on this foundation to achieve rapid growth in the industry by 2025. In this exploration, we delve into the foundational principles, primary objectives, and the plan's influence on emerging trends shaping the future of the fintech landscape in China.