عربي English Türkçe اردو فارسى
Logo
Latest News
World

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
TT

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.

Most Viewed

 
 
World

Evacuations and Call for Aid as Typhoon Usagi Approaches Philippines

A villager on a wooden boat paddles on a flooded village caused by Typhoon Toraji in Tuguegarao city, Cagayan city, Philippines, 13 November 2024. (EPA)
A villager on a wooden boat paddles on a flooded village caused by Typhoon Toraji in Tuguegarao city, Cagayan city, Philippines, 13 November 2024. (EPA)
TT
TT

Evacuations and Call for Aid as Typhoon Usagi Approaches Philippines

A villager on a wooden boat paddles on a flooded village caused by Typhoon Toraji in Tuguegarao city, Cagayan city, Philippines, 13 November 2024. (EPA)
A villager on a wooden boat paddles on a flooded village caused by Typhoon Toraji in Tuguegarao city, Cagayan city, Philippines, 13 November 2024. (EPA)

The Philippines ordered evacuations Wednesday ahead of Typhoon Usagi's arrival, as the UN's disaster office sought $32.9 million in aid for the country after recent storms killed more than 150 people.

The national weather service said Usagi -- the archipelago's fifth major storm in three weeks -- would likely make landfall Thursday in Cagayan province on the northeast tip of main island Luzon.

Provincial civil defense chief Rueli Rapsing said mayors had been ordered to evacuate residents in vulnerable areas, by force if necessary, as the 120 kilometers (75 miles) an hour typhoon bears down on the country.

"Under (emergency protocols), all the mayors must implement the forced evacuation, especially for susceptible areas," he told AFP, adding as many as 40,000 people in the province lived in hazard-prone areas.

The area is set to be soaked in "intense to torrential" rain on Thursday and Friday, which can trigger floods and landslides with the ground still sodden from recent downpours, state weather forecaster Christopher Perez told reporters.

He urged residents of coastal areas to move inland due to the threat of storm surges and giant coastal waves up to three meters (nine feet) high, with shipping also facing the peril of 8–10-meter waves.

A sixth tropical storm, Man-yi, is expected to strengthen into a typhoon before hitting the center of the country as early as Friday, Perez said.

With more than 700,000 people forced out of their homes, the successive storms have taken a toll on the resources of both the government and local households, the UN said late Tuesday.

About 210,000 of those most affected by recent flooding need support for "critical lifesaving and protection efforts over the next three months", the United Nations Office for the Coordination of Humanitarian Affairs said in a statement.

"Typhoons are overlapping. As soon as communities attempt to recover from the shock, the next tropical storm is already hitting them again," UN Philippines Resident and Humanitarian Coordinator Gustavo Gonzalez said.

"In this context, the response capacity gets exhausted and budgets depleted."

The initiative "will help us mobilize the capacities and resources of the humanitarian community to better support government institutions at national, regional and local levels," Gonzalez added.

More than 28,000 people displaced by recent storms are still living in evacuation centers operated by local governments, the country's civil defense office said in its latest tally.

Government crews were still working to restore downed power and communication lines and clearing debris from roads.

About 20 big storms and typhoons hit the archipelago nation or its surrounding waters each year, killing scores of people and keeping millions in enduring poverty.

A recent study showed that storms in the Asia-Pacific region are increasingly forming closer to coastlines, intensifying more rapidly and lasting longer over land due to climate change.