Caixin
Jun 23, 2022 03:23 AM
BUSINESS

China Approves Plan for ‘Healthy’ Development of Fintech Sector

A meaningful relaxation of curbs on Ant would send a powerful signal that policymakers are following through on recent pledges to support the industry.
A meaningful relaxation of curbs on Ant would send a powerful signal that policymakers are following through on recent pledges to support the industry.

(Bloomberg) — Chinese President Xi Jinping chaired a meeting Wednesday that approved promoting the “healthy” development of the payment and fintech sectors, a sign that a broad crackdown on tech companies like Ant Group Co. may be easing.

The meeting of the central commission for deepening overall reform also backed enhancing regulation of major payment platforms, state broadcaster China Central Television reported, adding that companies would be encouraged to return to their roots while the authorities improve regulation.

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