China\'s financial reform accelerated after a package of policies were unveiled to offer guidance to facilitate economic restructuring. The success of the reform may rely on big data technology, experts have said. Big data technology has contributed to the development of Internet finance, easing financing difficulties, boosting information consumption, aiding private capital to support the real economy and controlling financial risks. \"Big-data-based financial practice means recognizing information value and improving insight of consumers\' needs by production, exchange, management and application of data,\" said Tian Guichang, a big data scientist with Beijing JinLongCai Tech&Trading Co., Ltd. With an open platform, abundant data resources and risk analysis, big-data based finance can ease financing difficulties for small businesses, as their nontransparent operation and risk information often turns off banks\' interest to lend them money, said Zhang Che, vice general manager of the asset management department of BOC International (China) Ltd. \"Big data offers more insight into a company\'s credit and risk, thus reducing the company\'s financing costs and enhancing a bank\'s willingness,\" Zhang said. Meanwhile, as information consumption increases, consumers\' growing diversified needs ask for more comprehensive and innovative financial services. \"Big data offers more insight into consumers\' consumption habits, which allows targeted financial products and services, thus spurring domestic consumption,\" said Tan Yaling, head of the China Forex Investment Research Institute. Real-time monitoring and risk analysis of financial data will also aid the sector\'s risk control especially as China steps up its efforts to liberalize interest rates, Tan added. Internet finance has become a hot topic after the State Council in August unveiled plans to boost information consumption with the bid to facilitate domestic consumption and economic restructuring. Chinese e-commerce giant Alibaba has partnered with China Minsheng Banking Corp., Ltd., the largest private bank in the country, to capitalize on their strengths in consumer data analysis, direct selling and IT services following the State Council\'s call for private capital to aid cash-strained small businesses. Despite its value, big data also poses challenges to financial reforms as tiny mistakes may cause big problems, said Chen Bingcai, vice director of the department of policy-making consultation with the Chinese Academy of Governance, a state think tank. \"The bottom line for the use of big data is to keep financial reform safe and stable, and to serve the real economy,\" Chen added.