China Banking and Insurance Regulatory Commission Chairman Guo Shuqing said the country’s authorities had ended investigations into the financial dealings of several internet companies, another strong sign that a two-year regulatory crackdown on the tech giants was over. from China may be decreasing.
Guo told state media that the government had completed a campaign to “rectify the financial affairs of 14 platform companies”, with only minor issues to be resolved.
Guo, also the People’s Bank of China party secretary, further added that officials would look to provide more support to technology companies and work to make oversight of the technology sector more predictable in the future.
Over the weekend, financial technology giant Ant Group Co. said Chinese billionaire Jack Ma would cede control of the company.
Ant, which is owned by one-third of Alibaba Group Holding Ltd. and operates the popular mobile payments platform Alipay, has been overhauling its operations since Chinese regulators forced it to cancel a wildly successful initial public offering in November 2020.
Regulators began to soften their tone from early 2022 onwards, when Beijing-led policies, including zero tolerance for Covid-19 and its efforts to rein in its internet companies, weighed on China’s economic growth and worsened the sell-off of companies. Chinese stocks.
In March, China’s economic czar Liu He told a meeting of other policymakers that regulations should be applied in a transparent and predictable manner, specifying that any policy that could affect the market should first be coordinated with financial regulators. .
Source: CNN Brasil
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