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Beijing’s Continues Crusade Against Proliferating Fintech Expansion

The People’s Bank of China, the nation’s central banking institution, is pledging fiscal stability and aggressive enforcement in opposition to the “disorderly expansion of capital,” generally understood to equate to the activities of big tech. So reports the South China Morning Post.

china 156219 640smallChinese regulators will work toward strengthening the “monitoring and evaluation of systemic financial risks, while enhancing the supervision of financial holding companies,” according to the article. Further, the article notes the Fifth Plenum of the Chinese Communist Party has said domestic security and economic development are on par with one another as far as policy priorities are concerned.

Read the full article from the South China Morning Post.

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