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Beijing (AFP) – A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and security in fintech, state media reported, as the sector has been hit hard by a regulatory crackdown.
The government’s actions have hit some of China’s biggest tech companies, wiping out hundreds of billions of dollars in market value since last year.
However, as the Chinese economy has been battered by Covid lockdowns, the government has rolled out a range of supportive measures, including calls for “predictable” technology regulation.
“Regarding large payments and fintech platform companies, Xi called for efforts to improve regulations, strengthen institutional vulnerabilities, ensure the security of payments and financial infrastructure, and protect against and mitigate potential systemic financial risks,” the release said of .. .