That meeting by the Central Comprehensively Deepening Reforms Commission, a policy formulation and implementation body headed by Xi, approved a work plan on “enhancing regulation over big payment platforms, while promoting regulated and healthy development of payment and fintech businesses”, according to an official statement published by state-run Xinhua News Agency.
Xi said China’s payments and fintech platforms should “return to their roots”, which is a veiled reference to refrain from disorderly expansion and anticompetitive behaviour that had brought major risks to China’s finance sector.
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Chinese President Xi Jinping delivers a keynote speech in virtual format for the opening ceremony of the BRICS Business Forum on June 22, 2022. Photo: AP alt=Chinese President Xi Jinping delivers a keynote speech in virtual format for the opening ceremony of the BRICS Business Forum on June 22, 2022. Photo: AP>
China’s digital payments and fintech platforms are expected to help “ensure security” of their industry’s infrastructure and “prevent systemic financial risks”, according to the commission’s statement. These platforms are also encouraged to “play a bigger role” in bolstering the economy and support China’s economic goal of dual circulation, which is laid out in the 14th five-year plan for 2021-25 and the country’s Vision 2035 strategy.