The People's Bank of China (PBoC) has recently released the details on its upcoming five-year development plan for the country’s financial sector.

In its five-year plan, the central bank has outlined five key goals for the financial technology industry. This includes building an international-level infrastructure, driving financial innovation, implementing the financial industry standardization strategy, and enhancing the management of the financial network security system.

The PBoC, in particular, aims to encourage the active development of innovative technologies including blockchain and artificial intelligence (AI), CoinDesk reported. In addition, it also intends to strengthen the research on fintech applications in regulations, cloud computing, and big data.

The central bank has been actively making efforts to embrace innovative technologies. Earlier this year, reports suggested that the PBoC, along with other commercial banks, completed a trial of a blockchain-based digital currency in December 2016.

More recently, the central bank established a FinTech Committee to study the impact of the development of financial technology on monetary policy, financial market, financial stability, and payment and settlement.

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