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China orders Tencent and other big tech firms to curb their finance businesses

April 30, 2021. Summarized by summa-bot.

Compression ratio: 33.8%. 1 min read.

A pedestrian walks past the People's Bank of China (PBOC) building in Beijing, China, on Thursday, March 4, 2021. The low cost of borrowing in China???s money markets suggests the central bank again has room to tighten policy by withdrawing liquidity from the financial system -- like it did in January. Photographer: Qilai Shen/Bloomberg

Hong Kong (CNN Business)Chinese regulators have ordered more than a dozen tech companies to fix the most "prominent problems" of their financial units, escalating a historic crackdown on the sector that has already engulfed some of the country's top players.

Hong Kong (CNN Business)Chinese regulators have ordered more than a dozen tech companies to fix the most "prominent problems" of their financial units, escalating a historic crackdown on the sector that has already engulfed some of the country's top players.

The regulators laid out seven demands, starting with the requirement that "all financial activities be included in financial supervision, and financial businesses must be licensed to operate. " The way tech firms run their financial units should become more "standardized," the central bank added, and should in some cases require them to apply to set up financial holding companies.

The State Administration for Market Regulation (SAMR), along with the Cyberspace Administration and the State Taxation Administration, met with executives from 34 internet companies, including Alibaba, Tencent and ByteDance, to urge them to heed the warning from the Alibaba case and to stop anti-competitive and other illegal behaviors, SAMR said in a statement earlier this month.

by summa-bot

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