In 2018, Chinese banks lent a record $2.4 trillion in loans. That the credit spigot opened is no surprise: The banks had the full backing of Beijing, who looked on nervously as the Chinese economy limped - by its standards, anyway - to the finish line with just 6.5% annual growth, its worst performance since 1990. It wasn't so long ago that China could expect 9% annual growth.
China is on the verge of creating another uninviting barrier for the cryptocurrency market, however nothing has been set in stone yet. Xinhua, one of the main news outlets in China, released another elusive yet pressing statement on February 5, 2018 laying out some of the government's plans to further hinder Chinese citizens from accessing international cryptocurrency exchanges and ICOs.
China has long seemingly been opposed to all things crypto, having previously banned ICO’s and virtual currency trading. However, in the latest development of China’s war on crypto, it is now reportedly set to shut the Bitcoin mining industry.
Yu’E Bao, the world’s largest money-market fund, may have to limit its individual investment amount at RMB500,000 (USD$72464), which is half of the amount the limit is now. The implications aren't for certain at this point, but it could mean the end of the platform's growth in the future.
Last week, at The Fifth Session of the twelfth National People's Congress in China, Mr. Zhou Xiaochuan, the chief governor of People’s Bank of China (PBOC), encouraged the development of Fintech during the press conference among all topics about finance reform and development in China.