Chinese President Xi Jinping chaired a meeting on June 22 that approved promotion of healthy development of the payment and fintech sectors, according to a Bloomberg report.
“This is a sign that the crackdown on tech companies like Ant Group could be easing,” suggests Lim & Tan in a June 23 report.
Lim & Tan writes that as part of the plans, China would ensure the security of payment and financial infrastructure, and work to prevent and diffuse systemic financial risks, CCTV said. The government will also enhance oversight of financial holding companies and financial institutions by platform financial firms, the Bloomberg report said.
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