RT.com
22 Oct 2021, 16:43 GMT+10
China's major financial regulator said this week it expects to make significant progress in the ongoing probe of Chinese fintech companies before the end of 2021, which may signify an end to the crackdown is approaching.
According to Guo Shuqing, chairman of China's Banking and Insurance Regulatory Commission, authorities discovered over a thousand issues related to the fintech operations of 14 internet platforms. As Shuqing told state broadcaster CCTV, all companies under investigation have responded positively to the findings, implementing nearly half of the changes proposed by regulators so far.
Shuqing expects "even more significant progress" before the end of the year. The official noted, however, that unfair competition still persists in some areas of China's financial sector. He said Beijing has zero tolerance for unlawful financial activities and will continue to impose strict regulations in its move to rid the financial industry of monopolies.
Some experts are inclined to see these statements as another sign that the nearly year-long scrutiny of China's fintech sector is coming to a close. Investors have been increasing their purchases of Chinese tech stocks in recent weeks following the relatively small fine that regulators came up with for food delivery giant Meituan earlier this month. The company was under investigation over alleged monopolistic practices.
Also, a Dow Jones report this week indicated that Beijing's cybersecurity agency is ending its investigation of ride-hailing firm Didi Global. The Nasdaq Golden Dragon China Index, which tracks US-listed Chinese stocks, was trading high following the news in October, and is on course for its best month in a year.
Beijing launched the campaign to reel in its giant fintech sector early in 2021. The campaign covers multiple areas and tools, from prohibitions on the way corporations use data, stamping out fake product reviews, and preventing unfair competition on the internet, to launching multiple probes into China's largest fintech companies for "suspected monopolistic practices."
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationHAYWARD, California: In a significant step toward its commercial debut, Amazon-owned Zoox has unveiled its first factory dedicated...
NEW YORK, New YorK - U.S. stocks closed mixed on Friday, with gains and losses modest, as investors and traders weighed up the escalation...
WASHINGTON, D.C.: Retail sales dropped sharply in May as consumer spending slowed after a strong start to the year, primarily due to...
WASHINGTON, D.C.: Mitsubishi Motors is the latest automaker to raise prices in the United States, joining a growing list of car companies...
NEW YORK, New York - U.S. stocks made only minor moves in both directions,Thursday, as investors fretted about the Israel-Iran conflict...
PARIS, France: Luxury group Kering's decision to tap Luca de Meo as its next chief is being seen as a daring but necessary attempt...
HAYWARD, California: In a significant step toward its commercial debut, Amazon-owned Zoox has unveiled its first factory dedicated...
NEW YORK CITY, New York: The Trump family has unveiled a new venture in the telecom sector — and it's drawing as much scrutiny as it...
MENLO PARK, California: Meta Platforms has made a bold move to accelerate its artificial intelligence ambitions—by investing US$14.3...
MOUNTAIN VIEW, California: On June 12, Google announced that it had fixed a temporary global service disruption that impacted several...
NEW DELHI, India: Amid mounting U.S.-China trade tensions, Apple has sharply increased iPhone shipments from India to the United States,...
New Delhi [India], June 21 (ANI): The Ministry of New and Renewable Energy (MNRE) has launched the Innovative Projects Start-Up Challenge...