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

Yingkai Yin, Hongxin Ma (), Zhenni Wu and Aobo Yue
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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

Sustainability, 2023, vol. 15, issue 13, 1-21

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.

Keywords: fintech; policy text; three-dimensional analysis framework; quantitative analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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