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Tuesday, April 13, 2021

China’s antitrust moves not aimed at private sector, specific firms, regulator says – Latest News

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China’s recent antitrust measures are not aimed at private firms, and will not hinder their development, a senior banking and insurance regulator said.

The comments came after the central bank asked Alibaba’s fintech giant, Ant Group, to ensure the quality of financial services to the public as it works on rectifying its business.

“Antitrust measures are not targeting private enterprises, nor targeting one particular firm,” Liang Tao, the vice chairman of China’s Banking and Insurance Regulatory Commission (CBIRC), told a news conference in the Chinese capital.

Financial regulators had recently talked with a few internet platform companies, including Ant, he added.

The regulator is encouraging banks and insurers to cooperate with internet platforms, including those that have been in talks with regulators, Liang said.

Following these talks, some internet platforms took a positive attitude towards the changes sought, Liang said, adding that the regulator was not changing supportive policies for those companies.

China’s regulatory authorities are working to strike a delicate balance in their efforts to fend off risk without discouraging fintech innovation.

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