July 18, 2015

"The bank also recommended tax breaks for qualifying small enterprises including start-ups, saying that provincial level governments should increase their support for those companies."

Reuters China's central bank on Saturday issued guidelines promoting the development of internet finance, saying it would support "qualified" financial institutions to set up platforms for online banking, insurance and securities businesses. By Xiaoyi Shao and Megha Rajagopalan

'It added it would encourage high-performing and qualified internet finance firms to list.

'A senior central bank researcher said last month that regulators should set up clear rules allowing banks to set up online finance subsidiaries to fend off rising competition from technology giants that have expanded into their territory.

'"In recent years, China has seen rapid development in internet finance, but some problems and hidden risks have also cropped up," an official with the People's Bank of China, the central bank, said in a statement.'

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