China Approves Plan for 'Healthy' Development of Fintech Sector (bloomberg.com) 15
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.
Evergrande (Score:2)
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The real estate bubble is keeping the local governments afloat, as they are forbidden from issuing debt directly. This forces the Communist party to be very cautious here.
Not sure whether to laugh or cry (Score:2, Interesting)
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"China would ensure the security of payment and financial infrastructure"
Agree. How can China defend the NSA/CIA from breaking into their networks and steal their data [bbc.com]? I don't see a possibility. So the statement is just a total wash.
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NSA/CIA? Please tell us your examples of either the NSA or the CIA attacking security of payment or financial infrastructure?
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Here is the example [dw.com] you need. Thank you for the reminder! Else I wouldn't know about this or search for the evidences.
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Oh Jack Ma just got the American treatment? (Score:1)
According to the American sensational reporting, Alibaba and Ant Financials should have been destroyed by the Chinese Communist Part and jack Ma should have been executed. But instead he just got the same treatments carried out in the US [mackinac.org]? How disappointed! Maybe it is time to drum up the story that Jack Ma is a communist party memeber again.
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Not destroyed, they've been co-opted. Please try to keep up.
There is no "healthy" greed... (Score:2)
There is nothing else but greed that drives the "fintech" sector. People that push half-baked things combined with grande visions in the hopes of getting bought out and getting rich quick, nothing else.
Healthy (Score:2)
"Healthy" here means "submissive."