China’s Xi calls for stronger fintech oversight, security

A man in protective gear talks over the phone on the street, in front of the poster of Chinese president Xi Jinping. – EPA pic, June 23, 2022.

A HIGH-LEVEL Chinese government meeting led by President Xi Jinping has called for stronger oversight and better security in financial tech, state media reported, with the sector hit hard by a regulatory crackdown.

The government action has pummelled some of China’s biggest tech firms, wiping out hundreds of billions of dollars in market value since last year.

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