China Approves Plan for ‘Healthy’ Development of Fintech Sector
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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 will improve regulation.