China’s central bank governor wants to curb Internet-based financial services offered by firms such as Alibaba Group Holding Ltd. so that someday they may be on an “equal footing” with traditional banks, according to Caixin. Many government officials “emotionally support” innovative, online banking but will tap the brakes on these services to control shadow banking, Zhou Xiaochuan, governor of the People’s Bank of China, told an International Monetary Fund (IMF) forum June 24 in New York. Internet firms “are really doing some of the shadow banking” that now accounts for 20% of the China banking sector’s total assets and 30% of all loans, Zhou said.
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