Abstract
Recent years, Internet finance in China witnessed a rapid development in a way that financial services constantly innovate by the support of information and communication technology. This pattern includes not only the innovation of the convenience of financial services, thanks to the Internet and trading terminal or other technological progress, such as online sale of monetary funds, and also the change of trading channels like equity crowdfunding. In 2015, 10 ministries, including People’s Bank of China (referred to as PBOC hereafter), promulgated the Guiding Opinions for Promoting Healthy Development of Internet Finance (2015), in which six legitimate Internet finance patterns are prescribed: online payment, online loan, equity crowdfunding, online sale of monetary funds, online insurance, online trust, and consumption finance.
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