By Tang Guhan
The China Internet Network Information Center (CNNIC) announced the development of China’s internet network report on Monday.
The report has shown that Chinese netizens reached 802 million as of June this year, which accounted for 57.7 percent of the Chinese population, while netizens in rural China numbered around 211 million, representing 26.3 percent of the overall figure and an increase by 2,040,000 netizens when compared with the previous year.
The mobile payments users accounted for 71.9 percent among the mobile phone netizens, according to the report, and there were 30.6 percent, and 43.2 percent netizens who used shared-bikes and ordered ride-hailing services respectively in the first half of the year.
Urban netizens accounted for 72.7 percent of the urban population while rural netizens accounted for 36.5 percent as of June 2018.
The urban netizens have shown more interest in online shopping, online tickets and hotel booking, online payments, and online wealth-management than rural netizens. While two groups of netizens enjoyed similar interests in online music, telecom, and online videos.
The number of online users for wealth-management has surged by 39.74 million, an increase of 30.9 percent solely in the first half of the year.
The wealth-management market in China has been heading towards stable and healthy development recently because new policies broke down the previous rigid payments in wealth-management services to effectively reduce financial institutions’ risks as well as toughened rules for Peer-to-Peer (P2P) lending platforms.
The rapid growth in P2P platforms had been curbed by restrictions on scales and legalization in their services. One hundred and seventy platforms which run away with clients’ money, as well as other significant problems, have been phased out of the markets from January to May.
The number of P2P platforms who have custody accounts with banks has surged by 64.3 percent.
Regarding mobile payments, WeChat pay and Alipay have accounted for 95.6 percent and 78.1 percent respectively among mobile phone payments users.
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