China Approves Plan for 'Healthy' Development of Fintech Sector

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 may be easing. From a report: 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 will improve regulation. As part of the plans, China would ensure the security of payment and financial infrastructure, and work to prevent and defuse systemic financial risks, CCTV said. The government will also enhance oversight of financial holding companies and financial institutions invested by platform firms, the report said, without adding details.

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