Comparison of Fintech Development between China and the United States

Authors : JUN GAO

Volume/Issue : Volume 7 - 2022, Issue 4 - April

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The Fintech development in China and the United States has an important impact to the world. A comparative study of the developmentstatus and modes of Fintechin China and the United States will not only help to grasp the new trends of global Fintechdevelopment,but also help China to better develop itsstrengths and make up for its weaknesses, identify the focus of future innovation anddevelopment, andpromote the development ofChina's financialscience, thus playing a better leading role in the wave of financial technology integration and innovation. From the common point of view, the cooperation between Fintech companies and financial institutions in China and the United States is deepening. Since Fintech development shows certain risk spillover, the supervision in the field of Fintech has undergone a change from relatively loose to gradually strengthen. In terms of differences, there are obvious differences between China and US regarding innovation subjects, service objects and capital markets combined with hot areas. From the standpoint of comparative advantage, the main advantage of US Fintech is the underlying technological innovation, while the advantage of Chinese Fintech lies in large-scale application and market demand growth potential. For this reason, China’s Fintech should conform to the characteristics and changing trends of the financialneeds of the "Millennium Generation" consumers, enhance innovationandcompetitivenessthroughopenmarkets and complementary cooperation, strengthen the integration of large data resources to enhance the level of integrated financial services, promote the full integration of financial services into intelligent life scenarios, and strengthen the underlying technology. At the same time, we should strengthen the coordination of supervision, innovate the supervision mechanism, draw lessons from the supervision mode such as "no objection letter", and create a good environment for the development of Fintech.

Keywords : Block Chain; Big Data; Artificial Intelligence; Scenario-Based Finance; Regulate Technology.


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