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.



Blinken, in Brussels, Pledges to Shore up Ukraine Support Ahead of Trump Transition

United States Secretary of State Antony Blinken (L) and NATO Secretary General Mark Rutte (R) shake hands at NATO Headquarters in Brussels, Belgium, 13 November 2024. (EPA)
United States Secretary of State Antony Blinken (L) and NATO Secretary General Mark Rutte (R) shake hands at NATO Headquarters in Brussels, Belgium, 13 November 2024. (EPA)
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Blinken, in Brussels, Pledges to Shore up Ukraine Support Ahead of Trump Transition

United States Secretary of State Antony Blinken (L) and NATO Secretary General Mark Rutte (R) shake hands at NATO Headquarters in Brussels, Belgium, 13 November 2024. (EPA)
United States Secretary of State Antony Blinken (L) and NATO Secretary General Mark Rutte (R) shake hands at NATO Headquarters in Brussels, Belgium, 13 November 2024. (EPA)

US Secretary of State Antony Blinken assured NATO on Wednesday that the Biden administration would bolster its support for Ukraine in the few months before Donald Trump's return as president and would try to strengthen the alliance in that time.

Meeting NATO Secretary General Mark Rutte in Brussels, Biden also said the deployment of North Korean troops to help Russia in the Ukraine war would get a "firm response".

President-elect Trump, who has questioned US military support for Ukraine, says he will quickly end Russia's war without saying how, raising concerns among U.S. allies he could try to force Kyiv to accept peace on Moscow's terms. Biden leaves office on Jan. 20.

Blinken said after meeting Rutte at the alliance’s headquarters they discussed ongoing support for Ukraine, where Russian forces have been making gains on the eastern front lines, and the work NATO must do strengthen its defense industrial base.

The outgoing US administration would "continue to shore up everything we're doing for Ukraine," he said.

"President Biden fully intends to drive through the tape and use every day to continue to do what we have done these last four years, which is strengthen this alliance," Blinken said.

The deployment of North Korean troops to support Russia in the conflict "demands and will get a firm response," he said.

Rutte said that "Russia has not won" in Ukraine, which it invaded in February 2022.

"Obviously we have to do more to make sure that Ukraine can stay in the fight and is able to roll back as much as possible the Russian onslaught and prevent (President Vladimir) Putin from being successful in Ukraine," he said.

Blinken is expected to meet Ukrainian Foreign Minister Andrii Sybiha later, according to a State Department schedule.

He will also meet NATO Supreme Allied Commander Europe General Christopher Cavoli, top EU officials and British foreign secretary David Lammy in Brussels on Wednesday.