China to Tighten Oversight of Fintech and Data Security

China to Tighten Oversight of Fintech and Data Security
Photo: 23.06.2022 535

At a government meeting, Chinese President Xi Jinping called for greater oversight and security in financial tech, CGTN reported.

Xi Jinping stressed the significance of basic systems for data in national development and security, urging efforts to safeguard national data security, protect personal information and commercial secrets. Emphasis was also placed on more efficient data circulation and use to empower the real economy.

As a result of tough regulatory measures, some of China's largest technology companies have lost billions of dollars in market value. However, as the Chinese economy suffered from lockdowns in a pandemic, the government has deployed a series of support measures and called 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," 

the official report from the meeting said. 

The Chinese leader also offered to "support these enterprises in better serving the real economy."

The meeting discussed the need for a "multi-party data governance pattern" involving government, enterprises and society, as well as tighter oversight of financial holding companies and internet financial services including deposits, loans and insurance.

digital markets  China 

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