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.



Israel-Iran Air War Enters Second Week as Europe Pushes Diplomacy

Smoke rises from the building of Iran's state-run television after an Israeli strike in Tehran, Iran, Monday, June 16, 2025. (AP Photo)
Smoke rises from the building of Iran's state-run television after an Israeli strike in Tehran, Iran, Monday, June 16, 2025. (AP Photo)
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Israel-Iran Air War Enters Second Week as Europe Pushes Diplomacy

Smoke rises from the building of Iran's state-run television after an Israeli strike in Tehran, Iran, Monday, June 16, 2025. (AP Photo)
Smoke rises from the building of Iran's state-run television after an Israeli strike in Tehran, Iran, Monday, June 16, 2025. (AP Photo)

Israel and Iran's air war entered a second week on Friday and European officials sought to draw Tehran back to the negotiating table after President Donald Trump said any decision on potential US involvement would be made within two weeks.

Israel began attacking Iran last Friday, saying it aimed to prevent its longtime enemy from developing nuclear weapons. Iran retaliated with missile and drone strikes on Israel. It says its nuclear program is peaceful.

Israeli air attacks have killed 639 people in Iran, the Human Rights Activists News Agency said. Those killed include the military's top echelon and nuclear scientists. Israel has said at least two dozen Israeli civilians have died in Iranian missile attacks. Reuters could not independently verify the death toll from either side.

Israel has targeted nuclear sites and missile capabilities and sought to shatter the government of Supreme Leader Ali Khamenei, according to Western and regional officials.

"Are we targeting the downfall of the regime? That may be a result, but it's up to the Iranian people to rise for their freedom," Israeli Prime Minister Benjamin Netanyahu said on Thursday.

Iran has said it is targeting military and defense-related sites in Israel, although it has also hit a hospital and other civilian sites.

Israel accused Iran on Thursday of deliberately targeting civilians through the use of cluster munitions, which disperse small bombs over a wide area. Iran's mission to the United Nations did not immediately respond to a request for comment.

With neither country backing down, the foreign ministers of Britain, France and Germany along with the European Union foreign policy chief were due to meet in Geneva with Iran's foreign minister to try to de-escalate the conflict on Friday.

"Now is the time to put a stop to the grave scenes in the Middle East and prevent a regional escalation that would benefit no one," said British Foreign Minister David Lammy ahead of their joint meeting with Abbas Araghchi, Iran's foreign minister.

US Secretary of State Marco Rubio also met Lammy on Thursday and held separate calls with his counterparts from Australia, France and Italy to discuss the conflict.

The US State Department said that Rubio and the foreign ministers agreed that "Iran can never develop or acquire a nuclear weapon."

Lammy said the same on X while adding that the situation in the Middle East "remained perilous" and a "window now exists within the next two weeks to achieve a diplomatic solution."

Russian President Vladimir Putin and Chinese President Xi Jinping both condemned Israel and agreed that de-escalation is needed, the Kremlin said on Thursday.

The role of the United States remained uncertain. Trump's special envoy to the region, Steve Witkoff, has spoken with Araghchi several times since last week, sources say.

The White House said Trump will take part in a national security meeting on Friday morning. The president has alternated between threatening Tehran and urging it to resume nuclear talks that were suspended over the conflict.

MISSILE STRIKES

At dawn on Friday, the Israeli military issued a fresh warning of an incoming barrage of missiles from Iran. At least one made a direct impact in Beersheba, Israel's largest southern city, which has been targeted in recent days.

The missile struck near residential apartments, office buildings, and industrial facilities, leaving a large crater and ripping off the facade of at least one apartment complex while damaging several others.

"We have a direct strike next to one of the buildings. The damage here is quite (extensive)," paramedic Shafir Botner said.

Israeli public broadcaster Kan aired footage showing cars engulfed in flames, thick plumes of smoke and shattered windows at apartment buildings.

At least six people sustained light injuries in the blast, according to Botner, who said that first responders were still searching apartments for casualties.

On Thursday, Iran hit a major hospital in Beersheba, Israel's largest city in the south. Iran said it was targeting Israeli military headquarters near the hospital but Israel has denied there were any such facilities in the area.

Israel's military also said it had carried out several overnight strikes in the heart of the Iranian capital. The military said the targets included missile production sites and a facility for nuclear weapons research and development.

Trump has mused about striking Iran, possibly with a "bunker buster" bomb that could destroy nuclear sites built deep underground. The White House said Trump would decide in the next two weeks whether to get involved in the war.

That may not be a firm deadline. Trump has commonly used "two weeks" as a time frame for making decisions and allowed other economic and diplomatic deadlines to slide.

With Iran facing one of its greatest external threats since the 1979 revolution, any direct challenge to its 46-year-long rule would likely require some form of popular uprising.

But activists involved in previous bouts of protest say they are unwilling to unleash mass unrest, even against a system they hate, with their nation under attack.

"How are people supposed to pour into the streets? In such horrifying circumstances, people are solely focused on saving themselves, their families, their compatriots, and even their pets," said Atena Daemi, a prominent activist who spent six years in prison before leaving Iran.