The ‘great fintech wall of China’?

Closed-loop systems could help solve part of the PBoC's capital control dilemma

Chinese policy-makers face a significant challenge as they embrace market-based financial, economic and monetary reform – any transformation must not undermine Chinese growth or short-term financial stability.

This policy dilemma was put in stark relief when China faced large-scale capital outflows as domestic property and stock market prices plunged in 2016. The authorities reacted with domestic policy easing while simultaneously tightening capital controls. Earlier efforts to increase credit

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