China's fintech development will become more strategic

Significance

After two years of crackdowns on the sector, this plan promises both consolidation and gradual development, with a particular focus on data and objectives related to the 'common prosperity' economic development agenda.

Impacts

• China will invest heavily in data and computing infrastructure.
• More regulations on data use will come, as Beijing seeks to combine greater leverage of their economic value with greater security.
• The intended service improvements will particularly affect access to credit for smaller businesses and traditionally disadvantaged groups.