Understanding China’s fintech sector: development, impacts and risks

References

• Aisaiti, G., L. Liu, J. Xie, and J. Yang. 2019. “An Empirical Analysis of Rural Farmers’ Financing Intention of Inclusive Finance in China: The Moderating Role of Digital Finance and Social Enterprise Embeddedness.” Industrial Management & Data Systems 119 (7): 1535–1563.
   Web of Science ®Google Scholar
• Allen, F., J. Qian, and M. Qian. 2005. “Law, Finance, and Economic Growth in China.” Journal of Financial Economics 77 (1): 57–116.
   Web of Science ®Google Scholar
• An, J., and R. Rau. 2020. “Finance, Technology and Disruption.” European Journal of Finance. doi:10.1080/1351847X.2019.1703024.
   Web of Science ®Google Scholar
• Ayyagari, M., A. Demirgüç-Kunt, and V. Maksimovic. 2010. “Formal Versus Informal Finance: Evidence from China.” Review of Financial Studies 23 (8): 3048–3097.
   Web of Science ®Google Scholar
• Balyuk, T., and S. A. Davydenko. 2019. Reintermediation in FinTech: Evidence from Online Lending. Michael J. Brennan Irish Finance Working Paper Series Research Paper Number 18-17.
   Google Scholar
• Banerjee, A., E. Breza, E. Duflo, and C. Kinnan. 2019. Can Microfinance Unlock a Poverty Trap for Some Entrepreneurs? NBER Working Paper Number 26346.
   Google Scholar
• Chen, L. 2016. “From Fintech to Finlife: The Case of Fintech Development in China.” China Economic Journal 9 (3): 225–239.
   Web of Science ®Google Scholar
• Chen, M. A., Q. Wu, and B. Yang. 2019. “How Valuable Is FinTech Innovation?” Review of Financial Studies 32 (5): 2062–2106.
   Web of Science ®Google Scholar
• Chong, A., E. Lim, X. Hua, S. Zheng, and C. Tan. 2019. “Business on Chain: A Comparative Study of Five Blockchain-Inspired Business Models.” Journal of Association for Information Systems 20 (10): 247–265.
   Google Scholar
• Couture, V., B. Faber, Y. Gu, and L. Liu. 2020. “Connecting the Countryside via E-Commerce: Evidence from China.” American Economic Review: Insights, forthcoming.
   PubMedGoogle Scholar
• Demirguc-Kunt, A., L. Klapper, D. Singer, S. Ansar, and J. Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. The World Bank. http://documents.worldbank.org/curated/en/332881525873182837/pdf/126033-PUB-PUBLIC-pubdate-4-19-2018.pdf.
   Google Scholar
• FCA (Financial Conduct Authority). 2015. “Regulatory Sandbox”. Financial Conduct Authority. November.
   Google Scholar
• Frost, J., L. Gambacorta, Y. Huang, H. S. Shin, and P. Zbinden. 2019. BigTech and the Changing Structure of Financial Intermediation. BIS Working Paper Number 779.
   Google Scholar
• Gambacorta, L., Y. Huang, H. Qiu, and J. Wang. 2019. How Do Machine Learning and Non-Traditional Data Affect Credit Scoring? Evidence from a Chinese Fintech Firm. BIS Working Paper Number 834.
   Google Scholar
• Goldstein, I., W. Jiang, and G. A. Karolyi. 2019. “To FinTech and Beyond.” Review of Financial Studies 32 (5): 1647–1661.
   Web of Science ®Google Scholar
• Gomber, P., R. J. Kauffman, C. Parker, and B. W. Weber. 2018. “On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services.” Journal of Management Information Systems 35 (1): 220–265.
   Web of Science ®Google Scholar
• Guo, F., J. Wang, F. Wang, T. Kong, X. Zhang, and Z. Cheng. 2020. “Measuring Development of China’s Digital Financial Inclusion Index.” Chinese Economic Quarterly 19 (4): 1401–1418.
   Google Scholar
• Hau, H., Y. Huang, H. Shan, and Z. Sheng. 2018. FinTech Credit, Financial Inclusion and Entrepreneurial Growth. University of Geneva Working Paper.
   Google Scholar
• Hau, H., Y. Huang, H. Shan, and Z. Sheng. 2019. “How FinTech Enters China’s Credit Market.” AEA Papers and Proceedings 109 (5): 60–64.
   Google Scholar
• Hu, H. 1935. “Distribution of China’s Population.” Journal of Geographical Sciences 2 (2): 33–74.
   Google Scholar
• Hua, X., Y. Huang, and Y. Zheng. 2019. “Current Practices, New Insights, and Emerging Trends of Financial Technologies.” Industrial Management & Data Systems 117 (7): 1401–1410.
   Google Scholar
• Huang, Y., and T. Ge. 2019. “Assessing China’s Financial Reform: Changing Roles of the Repressive Financial Policies.” Cato Journal 30 (1): 65–85.
   Google Scholar
• Huang, Y., and Z. Huang. 2018. “The Development of Digital Finance in China: Present and Future.” China Economic Quarterly 17 (4): 205–218.
   Google Scholar
• Huang, Y., and X. Wang. 2011. “Does Financial Repression Inhibit or Facilitate Economic Growth? A Case Study of Chinese Reform Experience.” Oxford Bulletin of Economics and Statistics 73 (6): 833–855.
   Web of Science ®Google Scholar
• Karlan, D., J. Kendall, R. Mann, R. Pande, T. Suri, and J. Zinman. 2016. Research and Impacts of Digital Financial Services . NBER Working Paper 22633. Cambridge, MA: National Bureau of Economic Research.
   Google Scholar
• Klein, A. 2019. Is China’s New Payment System the Future? Washington, DC: The Brookings Institution.
   Google Scholar
• Leong, C., B. Tan, X. Xiao, F. T. C. Tan, and Y. Sun. 2017. “Nurturing a FinTech Ecosystem: The Case of a Youth Microloan Start-Up in China.” International Journal of Information Management 37 (2): 92–97.
   Web of Science ®Google Scholar
• Lin, L. 2017. “Managing the Risks of Equity Crowdfunding: Lessons from China.” Journal of Corporate Law Studies 17 (2): 327–366.
   Web of Science ®Google Scholar
• Luohan Academy Report. 2019. “Digital Technology and Inclusive Growth.” https://gw.alipayobjects.com/os/antfincdn/DbLN6yXw6H/Luohan_Academy-Report_2019_Executive_Summary.pdf.
   Google Scholar
• Momtaz, Paul P. 2020. “The Pricing and Performance of Cryptocurrency.” The European Journal of Finance. doi:10.1080/1351847X.2019.1647259.
   Web of Science ®Google Scholar
• Nanda, K., and M. Kaur. 2016. “Financial Inclusion and Human Development: A Cross-Country Evidence.” Management and Labour Studies 41 (2): 127–153.
   Google Scholar
• Peng, B. 2014. “Peer-to-Peer Lending and Illegal Financing.” Financial Regulation Research 6: 13–25.
   Google Scholar
• Sheridan, I. 2017. “MiFID II in the Context of Financial Technology and Regulatory Technology.” Capital Markets Law Journal 12 (4): 417–427.
   Web of Science ®Google Scholar
• The Libra Association. 2019. Libra White Paper. http://libra.org/en-us/whitepaper.
   Google Scholar
• Wang, X. 2020. “Can Mobile Payment Facilitate Entrepreneurial Activity: Evidence From Household Panel Data.” China & World Economy 28 (3): 90–115.
   Web of Science ®Google Scholar
• Wang, J., and Y. Huang. 2018. “Measurement of Fintech Media Sentiment and Its Implications for Online Lending.” China Economic Quarterly 17 (4): 339–366.
   Google Scholar
• Wang, J., Y. Shen, and Y. Huang. 2016. “Evaluating the Regulatory Scheme for Internet Finance in China: The Case of Peer-to-Peer Lending.” China Economic Journal 9 (3): 272–287.
   Web of Science ®Google Scholar
• World Bank. 2019. Fintech: The Experience so Far – Executive Summary. World Bank Group. http://documents.worldbank.org/curated/en/130201561082549144/Fintech-The-Experience-so-Far-Executive-Summary.
   Google Scholar
• Xiao, X., L. Zhang, Y. Wang, and C. Huang. 2017. “China’s Path to FinTech Development.” European Economy 3 (2): 145–161.
   Google Scholar
• Xie, X., Y. Shen, H. Zhang, and F. Guo. 2018. “Can Digital Finance Promote Entrepreneurship? Evidence from China.” China Economic Quarterly 17 (4): 1557–1580.
   Google Scholar
• Xie, P., C. Zou, and H. Liu. 2016. “The Fundamentals of Internet Finance and Its Policy Implications in China.” China Economic Journal 9 (3): 240–252.
   Web of Science ®Google Scholar
• Zetzsche, D. A., R. P. Buckley, D. W. Arner, and J. N. Barberis. 2017. “From FinTech to TechFin: The Regulatory Challenges of Data-Driven Finance.” New York University Journal of Law and Business 14 (2): 393–446.
   Google Scholar
• Zhang, L., and S. Chen. 2019. China’s Digital Economy: Opportunities and Risks. IMF Working Paper Number 2019/16.
   Google Scholar
• Zhao, X., W. Hou, J. An, X. Liu, and Y. Zhang. 2020. “Initial Coin Offerings: What Rights do Investors Have (If Any)?” European Journal of Finance. doi:10.2139/ssrn.3576553.
   Web of Science ®Google Scholar
• Zhu, H., and Z. Zhou. 2016. “Analysis and Outlook of Applications of Blockchain Technology to Equity Crowdfunding in China.” Financial Innovation 2 (1): 1–11.
   Web of Science ®Google Scholar