Chinese Premier Li Keqiang said: "We will improve the mechanism for managing financial risks, see responsibilities are fulfilled by all the stakeholders, and ensure that no systemic risks arise.". File pic by Xinhua/Pang Xinglei
BEIJING: China plans to step up oversight of financial holding companies and the nation’s booming fintech industry, Premier Li Keqiang said, setting the tone for closer scrutiny over the next five years of behemoths including Jack Ma’s Ant Group Co.
The authorities will also expand an anti-monopoly crackdown and prevent the "unregulated” expansion of capital to create fair competition, Li said Friday at the opening of the National People’s Congress.
The fintech sector should be developed in a "prudent” manner and China aims to create a "deviation correction” mechanism to fix and suspend innovative financial products when needed, according to a separate plan covering policies for 2021 to 2025.
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