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)
TT
20

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.



Trump Criticizes Putin After Approving More Weapons for Ukraine

 President Donald Trump, left, with Defense Secretary Pete Hegseth, right, during a cabinet meeting at the White House, Tuesday, July 8, 2025, in Washington. (AP)
President Donald Trump, left, with Defense Secretary Pete Hegseth, right, during a cabinet meeting at the White House, Tuesday, July 8, 2025, in Washington. (AP)
TT
20

Trump Criticizes Putin After Approving More Weapons for Ukraine

 President Donald Trump, left, with Defense Secretary Pete Hegseth, right, during a cabinet meeting at the White House, Tuesday, July 8, 2025, in Washington. (AP)
President Donald Trump, left, with Defense Secretary Pete Hegseth, right, during a cabinet meeting at the White House, Tuesday, July 8, 2025, in Washington. (AP)

President Donald Trump said on Tuesday he had approved sending US defensive weapons to Ukraine and was considering additional sanctions on Moscow, underscoring his frustration with Russian President Vladimir Putin over the growing death toll in Russia's war with Ukraine.

Trump, who pledged as a presidential candidate to end the war within a day, has not been able to follow through on that promise and efforts by his administration to broker peace have come up short.

Trump directed his ire at Putin on Tuesday during a meeting with cabinet officials at the White House.

"I'm not happy with Putin. I can tell you that much right now," Trump said, noting that Russian and Ukrainian soldiers were dying in the thousands.

"We get a lot of [expletive] thrown at us by Putin ... He's very nice all the time, but it turns out to be meaningless," Trump said.

Trump said he was considering whether to support a bill in the Senate that would impose steep sanctions on Russia over the war. "I'm looking at it very strongly," he said.

The bill, whose lead sponsors are Republican Senator Lindsey Graham of South Carolina and Democratic Senator Richard Blumenthal of Connecticut, would also punish other countries that trade with Moscow, imposing 500% tariffs on nations that buy Russian oil, gas, uranium and other exports.

DEFENSIVE WEAPONS AGAINST RUSSIAN ADVANCES

Trump said on Monday that the United States would send more weapons to Ukraine, primarily defensive ones, to help it defend itself against Russian advances.

On Tuesday he said he had approved such a move. "We're sending some defensive weapons to Ukraine, and I've approved that," he said.

Ukrainian President Volodymyr Zelenskiy said on Tuesday he had ordered an expansion of contacts with the United States to ensure critical deliveries of military supplies, primarily air defense.

"We currently have all the necessary political statements and decisions and we must implement them as quickly as possible to protect our people and positions," he said. "These are critical deliveries that mean saving lives and protecting Ukrainian cities and villages. I expect results from these contacts very soon. And this week, we are preparing formats for meetings of our military and political teams."

Zelenskiy has repeatedly urged Ukraine's Western allies to impose tougher sanctions on Moscow to force the Kremlin to agree to a ceasefire as a step towards reaching an end to the war, now 40 months old.

A decision by the Pentagon to halt some shipments of critical weapons to Ukraine prompted warnings by Kyiv last week that the move would weaken its ability to defend against Russia's intensifying airstrikes and battlefield advances.

Trump, who was seated next to Defense Secretary Pete Hegseth, was asked on Tuesday who had ordered that pause. "I don't know. Why don't you tell me?" Trump responded.