China’s antitrust moves not aimed at private sector, specific firms, regulator says – Latest News
The feedback got here after the central financial institution requested Alibaba’s fintech large, Ant Group, to make sure the standard of economic providers to the general public as it really works on rectifying its enterprise.
“Antitrust measures are usually not concentrating on non-public enterprises, nor concentrating on one explicit agency,” Liang Tao, the vice chairman of China’s Banking and Insurance coverage Regulatory Fee (CBIRC), advised a information convention within the Chinese language capital.
Monetary regulators had lately talked with just a few web platform corporations, together with Ant, he added.
The regulator is encouraging banks and insurers to cooperate with web platforms, together with these which were in talks with regulators, Liang mentioned.
Following these talks, some web platforms took a constructive angle in direction of the adjustments sought, Liang mentioned, including that the regulator was not altering supportive insurance policies for these corporations.
China’s regulatory authorities are working to strike a fragile steadiness of their efforts to fend off threat with out discouraging fintech innovation.
