Reuters reports that the move aims to help make China’s fintech sector globally competitive and drive the country’s push for high-quality financial development.
The yet-to-be-published 2019-21 development plan will improve the industry’s top-down design and bolster risk controls. These will include an early warning regime on cross-market and cross-industry financial risks.
This announcement came weeks after the central bank revealed the first draft rules to regulate financial holding companies in China.
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