Digital finance set for rapid expansion

Sector being nurtured as long-term driver of nation's economic vibrancy

With continued government emphasis and rising share-buying interest, digital finance is expected to see substantial progress in China, which will translate into more impetus for the country's real economy, said experts.

Their comments were made after a new development action plan to promote the high-quality development of digital finance was released late Wednesday.

The new action plan, which was jointly released by the People's Bank of China — the country's central bank — and six other departments including the country's top economic regulator, the National Development and Reform Commission, said that a financial system highly adaptive to the development of the digital economy should be established by the end of 2027.