Chinese politics & policy updates
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China’s central bank has urged further “rectification” of the country’s fintech sector, adding more pressure to tech groups besieged by intensifying regulatory scrutiny.
The latest warning from Beijing, which did not name any companies, comes against a backdrop of strengthening headwinds for Chinese tech groups, equities markets and foreign investors in the world’s second-biggest economy.
Billionaire Jack Ma’s fintech Ant Group, China’s biggest ride-hailing app Didi Chuxing and the $100bn tutoring industry have been targeted in a snowballing regulatory crackdown that threatens to embroil other tech groups including Tencent. Delivery platform Meituan and Ma’s ecommerce business Alibaba have been subject to antitrust investigations.
The People’s Bank of China called for fintech…