The Chinese president added that it was necessary to strengthen regulation of the internet sector, according to a summary of his remarks published by Xinhua. The state media outlet reported that “all financial activities must be included in financial regulations,” according to Xi.
Beijing has long been concerned that the influence tech firms have over the financial sector makes that industry vulnerable — Ant, for example, now commands more than half of the mobile payments market in China — and officials have been looking for ways to rein them in.
Regulators have already questioned executives at Tencent and Pinduoduo, punished Bytedance and Baidu with fines for alleged monopolistic behaviors in corporate acquisitions, and floated new rules that could govern the operations at many tech firms.
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