ecns [expanded by feedex.net]
ecns
Cautious over online finance in Shanghai
http://www.ecns.cn/business/2014/06-20/120000.shtml
Jun 19th 2014, 23:40
2014-06-20 08:40
Shanghai residents are cautiously positive about Internet financing and the safety of capital, but their top concern is consumer rights protection, a Shanghai Statistics Bureau survey showed yesterday.
About 59.3 percent of the 3,000 survey respondents, whose ages ranged from 18 to 70, said they have bought financial products or used financial services via the Internet. More than 80 percent of those under 35 years said they have bought such products. The respondents have lived in Shanghai for over one year.
The boom in online shopping has seen 56.4 percent paying for their purchases through third-party payment services, while 17.8 percent have bought wealth-management products through Internet channels.
But the respondents' major concerns include a lack of proper regulations, inadequate protection for consumer rights and the Internet companies' low risk control capabilities.
Internet financing has boomed in recent years with Alibaba, Baidu and Tencent all offering money market funds to investors.
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