China’s 18th joint meeting for the financial bureaus of sub-provincial cities was held in Harbin, Heilongjiang province on Dec 27.

The meeting discussed how to promote internet finance development and prevent financial risks. Also discussed at the meeting was how to support the development of capital markets.

Participants at the meeting held a deep discussion on the policies, products and services related with internet finance.

The joint meeting was held by the Harbin municipal government and financial departments from a total of 15 sub-provincial cities, including Tianjin, Suzhou and Wenzhou.

Participants attending the meeting believe that during the 13th Five-Year Plan (2016-2020) there will be a huge challenge of traditional financial risks, and there will also be great potential for the development of internet finance.

Participants promoted the creation of industry standards, and called for regulation enhancements and risk prevention.

Local financial regulation departments will take on the heavy responsibility of innovating financial regulations and related systems.

Participants claim that the government should lead companies to issue more stocks and corporate bonds in capital markets. Local listed companies should be encouraged to progress further through money raised from the capital market.

They also encouraged more companies to transfer shares and to be listed in the National Equities Exchange and Quotations. The government should set up an industrial development fund to promote the development of small and medium-sized companies.