A legal analysis of open banking in the promotion of financial data antitrust in China.

The article focuses on the rapid development of open banking in China, highlighting its potential to break financial data monopolies held by large state-owned and private banks and to enhance competition in the financial market. Open banking, which facilitates secure sharing of financial data among banks, consumers, and third-party providers (mainly Fintech companies), aims to dismantle "data silos" and promote financial data antitrust. While China has made progress with several major banks adopting various open banking models, its legal and regulatory framework remains fragmented and insufficient, particularly regarding operable data portability rights, clear financial data ownership, and consumer privacy protections. The article argues that China should continue its "government-guided" supervisory approach, improve regulations to protect financial consumers and clarify data rights, and develop a unique "two-way sharing" open banking mechanism to mitigate monopoly risks posed by data aggregators, Fintech platforms, and potential collusion among financial institutions.