China’s Top Banking Official Says Crackdown on Tech Giants Has Reached Its End

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The senior-most official for China’s banking system has declared that the country’s crackdown on the financial activities of online tech platforms is almost at an end.

“The specialist rectification of the financial activities of 14 online platform enterprises has already basically been completed,” said Guo Shuqing, party secretary of the Chinese central bank and chair of the China Banking and Insurance Regulatory Commission (CBIRC), in a recent interview with state-owned media.

“We are currently in the process of making haste to resolve a small number of residual issues.

“In future, we will implement normalised regulation, encourage platform enterprises to engage in compliant operation, as well as display their full advantages when it comes to leading development, creating employment and international competition.”