China Hints Its Crackdown on Tech Giants Is Coming to an End
- More than half of proposed fintech fixes have been implemented
- Remarks add to optimism that tech crackdown is near end
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China’s top financial regulator said he expects to achieve significant progress in the ongoing crackdown on fintech firms before the year-end, reinforcing speculation that Beijing’s campaign to rein in its tech giants may be receding.
Authorities had identified more than a thousand issues relating to the fintech operations of 14 internet platforms, China Banking and Insurance Regulatory Commission Chairman Guo Shuqing told state broadcaster CCTV on Wednesday. The companies have responded positively to the feedback and about half of the proposed rectifications have already been implemented, he said, adding that he expects “even more significant progress” before the end of the year.