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Beijing Bureau of Financial Work Denies Rumored Role in Bike Share Deposit Management

Beijing Evening News, 5/22/17

A spokesperson for the Beijing Municipal Bureau of Financial Work has denied recent reports that the Bureau has required bike share operators to store user deposits with a bank or third-party trustee. The spokesperson said that regulatory authority for bike sharing lies with Beijing's transportation department, and does not fall under the Municipal Bureau of Financial Work's scope of responsibility.

The Bureau currently has no plans to interfere in how user deposits are managed.

Editor's Note: The rumors that the Beijing Municipal Bureau of Financial Work would be taking a role in regulation of bike share deposit management follows on the heels of the Ministry of Transport's recent release of new draft regulations to guide the development of the mobile bike sharing industry. For more background on the new draft regulations, please see China's Ministry of Transport Issues Draft Bike Sharing Regulations, MD 5/22/17 issue.

Keywords: regulation wireless Beijing Municipal Bureau of Financial Work bicycle sharing mobile application

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