IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i13p10100-d1179470.html
   My bibliography  Save this article

How Does China Build Its Fintech Strategy? A Perspective of Policy Evolution

Author

Listed:
  • Yingkai Yin

    (School of Economics, Shanghai University, Shanghai 200444, China)

  • Hongxin Ma

    (School of Economics, Shanghai University, Shanghai 200444, China)

  • Zhenni Wu

    (School of Economics, Shanghai University, Shanghai 200444, China)

  • Aobo Yue

    (School of Management Science and Real Estate, Chongqing University, Chongqing 400044, China)

Abstract

Understanding the layout of China’s fintech policy planning from the perspective of policy science theory will help policy makers to fully understand the current development stage and evolutionary path of fintech and improve the implementation of fintech policies and the promotion of their effects. This study examines 120 fintech policies issued at the national level from 2017 to 2022; unifies policy tools, policy organizational structure, and policy effectiveness into a three-dimensional scientific policy analysis framework; and uses a text content mining method to provide a quantitative analysis of China’s current fintech policy system. In terms of the choice of policy tools, there is an unbalanced proportion, with environmental-type policy tools being overused and demand-type policy tools being underused; a network of core institutions for policy promulgation has been formed, with diversified types of subjects. However, overall, the degree of cooperation among various subjects is not high, and some departments closely related to the development of fintech are not involved enough in the publication of cooperation documents. Policy effectiveness depends on the number of policies and their average effectiveness, and the latter has insufficient growth momentum. Given the existing problems, some suggestions are made for optimising policies to develop fintech.

Suggested Citation

  • Yingkai Yin & Hongxin Ma & Zhenni Wu & Aobo Yue, 2023. "How Does China Build Its Fintech Strategy? A Perspective of Policy Evolution," Sustainability, MDPI, vol. 15(13), pages 1-21, June.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:13:p:10100-:d:1179470
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/13/10100/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/13/10100/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Chen, Xiaohui & Chen, Wen & Lu, Kongbiao, 2023. "Does an imbalance in the population gender ratio affect FinTech innovation?," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    2. Farina, C. & Gibbons, M., 1979. "A quantitative analysis of the science research council's policy of "selectivity and concentration"," Research Policy, Elsevier, vol. 8(4), pages 306-338, October.
    3. Gao, Jingyi, 2022. "Has COVID-19 hindered small business activities? The role of Fintech," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 297-308.
    4. Libecap, Gary D., 1978. "Economic Variables and the Development of the Law: The Case of Western Mineral Rights," The Journal of Economic History, Cambridge University Press, vol. 38(2), pages 338-362, June.
    5. Bertoldi, Paolo & Mosconi, Rocco, 2020. "Do energy efficiency policies save energy? A new approach based on energy policy indicators (in the EU Member States)," Energy Policy, Elsevier, vol. 139(C).
    6. Kong, Yuan & Feng, Chao & Yang, Jun, 2020. "How does China manage its energy market? A perspective of policy evolution," Energy Policy, Elsevier, vol. 147(C).
    7. Na Song & Isaac Appiah-Otoo, 2022. "The Impact of Fintech on Economic Growth: Evidence from China," Sustainability, MDPI, vol. 14(10), pages 1-17, May.
    8. Walravens, Nils, 2015. "Qualitative indicators for smart city business models: The case of mobile services and applications," Telecommunications Policy, Elsevier, vol. 39(3), pages 218-240.
    9. Cheng, Maoyong & Qu, Yang, 2020. "Does bank FinTech reduce credit risk? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 63(C).
    10. Zhao, Yang & Goodell, John W. & Dong, Qingli & Wang, Yong & Abedin, Mohammad Zoynul, 2022. "Overcoming spatial stratification of fintech inclusion: Inferences from across Chinese provinces to guide policy makers," International Review of Financial Analysis, Elsevier, vol. 84(C).
    11. Jianwei Li & Na Li & Xiang Cheng & Daqing Gong, 2021. "The Impact of Fintech on Corporate Technology Innovation Based on Driving Effects, Mechanism Identification, and Heterogeneity Analysis," Discrete Dynamics in Nature and Society, Hindawi, vol. 2021, pages 1-12, December.
    12. Long Jin & Changchun Pan & Yan Li & Xinmiao Liu, 2022. "How Can FinTech Reduce Corporate Zombification Risk?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(15), pages 4350-4360, December.
    13. Qi Yang & Jianyuan Huang, 2020. "Content Analysis of Family Policy Instruments to Promote the Sustainable Development of Families in China from 1989–2019," Sustainability, MDPI, vol. 12(2), pages 1-20, January.
    14. Luo, Sumei & Sun, Yongkun & Yang, Fan & Zhou, Guangyou, 2022. "Does fintech innovation promote enterprise transformation? Evidence from China," Technology in Society, Elsevier, vol. 68(C).
    15. Yang, Tong & Zhang, Xun, 2022. "FinTech adoption and financial inclusion: Evidence from household consumption in China," Journal of Banking & Finance, Elsevier, vol. 145(C).
    16. Klaus Abbink & Thomas Jayne & Lars Moller, 2011. "The Relevance of a Rules-based Maize Marketing Policy: An Experimental Case Study of Zambia," Journal of Development Studies, Taylor & Francis Journals, vol. 47(2), pages 207-230.
    17. Sherry Tao Kong & Nicholas Loubere, 2021. "Digitally Down to the Countryside: Fintech and Rural Development in China," Journal of Development Studies, Taylor & Francis Journals, vol. 57(10), pages 1739-1754, October.
    18. Saatvika Rai, 2020. "Policy Adoption and Policy Intensity: Emergence of Climate Adaptation Planning in U.S. States," Review of Policy Research, Policy Studies Organization, vol. 37(4), pages 444-463, July.
    19. Murinde, Victor & Rizopoulos, Efthymios & Zachariadis, Markos, 2022. "The impact of the FinTech revolution on the future of banking: Opportunities and risks," International Review of Financial Analysis, Elsevier, vol. 81(C).
    20. Martin Chorzempa & Yiping Huang, 2022. "Chinese Fintech Innovation and Regulation," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 274-292, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ge, Wenfeng & Yang, Ping & Pan, Xu & Ran, Qiying, 2024. "Sustainable utilization of mining resources: Exploring the impact of FinTech on green development from the perspective of mining enterprises," Resources Policy, Elsevier, vol. 97(C).
    2. Cuadros-Solas, Pedro J. & Cubillas, Elena & Salvador, Carlos, 2023. "Does alternative digital lending affect bank performance? Cross-country and bank-level evidence," International Review of Financial Analysis, Elsevier, vol. 90(C).
    3. Lai, Xiaobing & Yue, Shujing & Guo, Chong & Zhang, Xinhe, 2023. "Does FinTech reduce corporate excess leverage? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 281-299.
    4. Hasan, Morshadul & Hoque, Ariful & Abedin, Mohammad Zoynul & Gasbarro, Dominic, 2024. "FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    5. Qiaoqiao Zhan & Katsunori Furuya & Xiaolan Tang & Zhehui Li, 2024. "Policy Development in China’s Protected Scenic and Historic Areas," Land, MDPI, vol. 13(2), pages 1-24, February.
    6. Guo, Pin & Zhang, Cheng, 2023. "The impact of bank FinTech on liquidity creation: Evidence from China," Research in International Business and Finance, Elsevier, vol. 64(C).
    7. Zhao, Yang & Goodell, John W. & Wang, Yong & Abedin, Mohammad Zoynul, 2023. "Fintech, macroprudential policies and bank risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 87(C).
    8. Wang, Haijun & Mao, Kunyuan & Wu, Wanting & Luo, Haohan, 2023. "Fintech inputs, non-performing loans risk reduction and bank performance improvement," International Review of Financial Analysis, Elsevier, vol. 90(C).
    9. Guo, Xingfang & Wei, Tao & Wang, Aiping & Hu, Haifeng, 2024. "Corporate governance effects of digital finance: Evidence from corporate tax avoidance in China," Research in International Business and Finance, Elsevier, vol. 72(PA).
    10. Zhao, Yang & Goodell, John W. & Dong, Qingli & Wang, Yong & Abedin, Mohammad Zoynul, 2022. "Overcoming spatial stratification of fintech inclusion: Inferences from across Chinese provinces to guide policy makers," International Review of Financial Analysis, Elsevier, vol. 84(C).
    11. Li, Bin & Guo, Fei & Xu, Lei & Meng, Siqi, 2024. "Fintech business and corporate social responsibility practices," Emerging Markets Review, Elsevier, vol. 59(C).
    12. Dao Ha & Phuong Le & Duc Khuong Nguyen, 2025. "Financial inclusion and fintech: a state-of-the-art systematic literature review," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-42, December.
    13. Pacelli, Vincenzo & Miglietta, Federica & Foglia, Matteo, 2022. "The extreme risk connectedness of the new financial system: European evidence," International Review of Financial Analysis, Elsevier, vol. 84(C).
    14. Hongying Zhang & Liyang Wan & Qiaozhe Guo & Song Nie, 2025. "The Effects of the Sci-Tech Finance Policy on Urban Green Technology Innovation: Evidence from 283 Cities in China," Sustainability, MDPI, vol. 17(5), pages 1-24, February.
    15. Ahmed Razman Latiff & Mohammad Zakaria Alqudah & Husni Samara & Naji Alslaibi, 2025. "Empowering the financial sector: the role of fintech research development trends," Future Business Journal, Springer, vol. 11(1), pages 1-22, December.
    16. Yang, Tongbin & Zhou, Bo, 2024. "Local FinTech development, industrial structure, and north-south economic disparity in China," International Review of Financial Analysis, Elsevier, vol. 93(C).
    17. Su Xie & Hang Xiong & Linmei Shang & Yong Bao, 2024. "Machine Learning-Facilitated Policy Intensity Analysis: A Proposed Procedure and Its Application," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 174(3), pages 881-904, September.
    18. Song, Yunxing & Gong, Yuanyuan & Song, Yan & Chen, Xiaohui, 2024. "Exploring the impact of digital inclusive finance on consumption volatility: Insights from household entrepreneurship and income volatility," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    19. Fang, Yuxia & Li, Yuhua, 2024. "How does internet finance affect firm exports? Evidence from China," Research in International Business and Finance, Elsevier, vol. 71(C).
    20. Wei Jiang & Yanhui Hu & Hongjie Cao, 2024. "Does Digital Financial Inclusion Increase the Household Consumption? Evidence from China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 17333-17364, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:13:p:10100-:d:1179470. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.