Xie Ping has shown his profound understanding of Internet finance. He said the spirit of the Internet – open, inclusive, and decentralizing – may be at odds with that of finance, and the source of discord regarding the development of Internet finance.

Xie also said that the inclusiveness in online financial services features wider coverage, better equality and easier accessibility – advantages traditional finance is unable to provide. Yu'ebao, among other Internet financial products, has combined deposit, money and investment features – liquidity and yields, the basic principles in finance, have been integrated.

Rapid innovations usually come along with new entrepreneurship, as seen in the U.S. online industries, which are effectively changing retail business. The reason why such innovative entrepreneurship could prevail in the United States is a pursuit of openness, less administrative restrictions and pursuit of profit.

Luckily, Ma Yun (Jack) and Ma Huateng (Pony) are among the enterprising leaders who have achieved faster innovations in online financial services than other countries. Their initial achievements deserve attention and protection from both the government and the public, besides promotion and guidance, not the opposite.

Those who disagree with Internet finance are outsiders from the sector, who have never tried Alipay and Yu'ebao in their life. Their opinions are naturally ungrounded.

No one can deny the huge momentum in the development of Internet finance. It is an innovation which demands the maximum tolerance, since it is a fundamental driving force in the country's economy.

The author is a senior consultant, columnist and online commentator.

The article was translated by Chen Boyuan. Its original unabridged version was published in Chinese.

Opinion articles reflect the author's own opinion, not necessarily that of China.org.cn.