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China's Xi Calls for Stronger Fintech Oversight, Security

File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
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China's Xi Calls for Stronger Fintech Oversight, Security

File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)

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 pummeled some of China's biggest tech firms, wiping out hundreds of billions of dollars in market value since last year, AFP said.

But with the Chinese economy hammered by Covid lockdowns, the government has rolled out a series of support measures, including a call for "predictable" tech regulation.

"Regarding large payment and fintech platform enterprises, Xi called for efforts to improve regulations, strengthen institutional weak links, ensure the security of payment and financial infrastructure, and guard against and defuse potential systemic financial risks," according to a readout of the Wednesday meeting by the official Xinhua news agency.

The Chinese leader also "called for these enterprises to be better supported in serving the real economy", Xinhua said.

The officials at the meeting discussed promoting the "healthy development" of fintech companies, it added, and said "China will tighten oversight" of financial holding firms and internet financial services.

Investors have been heartened in recent weeks by similar statements by the Chinese government, with some perceiving them as signals that the tech crackdown is finally easing.

Hopes also soared this month when dozens of new video games were approved, and tech stocks rose on reports that authorities were wrapping up a cybersecurity probe into ride-hailing giant Didi.

But regulators this month denied reports that they were discussing the potential revival of Ant Group's scuppered IPO, which would have been the world's largest public offering at the time.

Ant Group -- the payments affiliate of e-commerce giant Alibaba -- had its share offering cancelled at the last minute in 2020.

Alibaba was later hit with a $2.75 billion fine over alleged unfair practices.

Ant Group is set to apply for a financial licence as soon as this month, Bloomberg News reported Wednesday, citing unnamed people familiar with the matter.

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China’s Xi Jinping Will Visit Russia in 2025, Russian Ambassador Says

Chinese President Xi Jinping, general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, greets the audience at a meeting celebrating the 25th anniversary of the establishment of the Macao Special Administrative Region (MSAR) and its handover to China and the inaugural ceremony of the sixth-term government of the Macao Special Administrative Region (SAR) at the Macao East Asian Games Dome in Macao, China, 20 December 2024. (EPA/ Xinhua / Xie Huanchi)
Chinese President Xi Jinping, general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, greets the audience at a meeting celebrating the 25th anniversary of the establishment of the Macao Special Administrative Region (MSAR) and its handover to China and the inaugural ceremony of the sixth-term government of the Macao Special Administrative Region (SAR) at the Macao East Asian Games Dome in Macao, China, 20 December 2024. (EPA/ Xinhua / Xie Huanchi)
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China’s Xi Jinping Will Visit Russia in 2025, Russian Ambassador Says

Chinese President Xi Jinping, general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, greets the audience at a meeting celebrating the 25th anniversary of the establishment of the Macao Special Administrative Region (MSAR) and its handover to China and the inaugural ceremony of the sixth-term government of the Macao Special Administrative Region (SAR) at the Macao East Asian Games Dome in Macao, China, 20 December 2024. (EPA/ Xinhua / Xie Huanchi)
Chinese President Xi Jinping, general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, greets the audience at a meeting celebrating the 25th anniversary of the establishment of the Macao Special Administrative Region (MSAR) and its handover to China and the inaugural ceremony of the sixth-term government of the Macao Special Administrative Region (SAR) at the Macao East Asian Games Dome in Macao, China, 20 December 2024. (EPA/ Xinhua / Xie Huanchi)

China's President Xi Jinping will visit Russia in 2025, Russia's state-run RIA news agency quoted Moscow's ambassador to Beijing as saying early on Friday.

"As for concrete bilateral events, I can say that the appropriate plans are actively being drawn up," ambassador Igor Morgulov told RIA.

"What can be said that is no secret, in terms of priority, is that the chairman of the People's Republic of China is expected in Russia next year."

China's foreign ministry did not immediately respond to a request for confirmation from Reuters.

Putin visited China in February 2022, proclaiming a "no limits" partnership days before he sent tens of thousands of troops into Ukraine. He was in Beijing again last May, after his re-election by a landslide, welcoming a "new era" of relations focusing on opposition to US policy.

Xi was received in the Kremlin as a "dear friend " in 2023 after he obtained an unprecedented third term in office.

Morgulov also told RIA that China, which has refrained from condemning Russia's 34-month-old war in Ukraine, understood the basis for the conflict "inasmuch as they are coming up against many of the same challenges -- the US and its allies are boosting pressure on China in the Asia-Pacific region".

NATO, he said, is "devising plans to move its military infrastructure" into the region.

Russia and China had to respond to US policy jointly, he said.

"In the international arena, it is up to our countries to respond further with a 'dual counter-action' to the 'dual deterrence' which the West is trying to pursue with regard to Russia and China," RIA quoted him as saying.

China, working with Brazil, has put forward a peace plan for the Ukraine war, calling for a freezing of battle lines and taking into account the security interests of both sides.

Russia has expressed support for the proposals.

Ukraine, which has proposed its own plans to end the conflict - the latest of which includes a request for NATO membership - has dismissed the China-Brazil initiative as serving Moscow's interests.

Russian forces currently occupy about 20% of Ukraine's territory and have recently been advancing at their fastest pace since the early days of the war.