The Impact of Development of Financial Technology on China’s Economy

Abstract

The development of financial technology (FinTech) has an important role in the present economy. It not only drove overall economic consumption through innovative service models and financial tools, but also helped people return to a normal rhythm of life to a certain extent during the COVID-19 epidemic by helping offline operations shift to online services, online offices, online teaching, and other innovative approaches. In addition, it plays a very important role in social governance and promotes social stability. This paper focuses on analyzing the impact of FinTech on industrial structure, upgrading in consumption structure and social governance, and argues that society, government and the market need not only to develop and apply FinTech correctly, but also to implement development policies according to local conditions. In this way, it can better play its positive role in promoting economic development, and at the same time, it is also necessary to strengthen supervision and regulation to prevent the growth of undesirable behavior.