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
China's President Xi Jinping applauds during the closing session of the National PeopleĂs Congress (NPC) at the Great Hall of the People in Beijing on March 11, 2022. Image: Leo RAMIREZ / AFP
Beijing, China: A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and better security in financial tech, state media reported, with the sector hit hard by a regulatory crackdown.
The government action has pummelled some of China's biggest tech firms, wiping out hundreds of billions of dollars in market value since last year.
But with the Chinese economy hammered by Covid lockdowns, the government has rolled out a series of support measures, including a call 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," according to a readout of the Wednesday meeting by the official Xinhua news agency.
The Chinese leader also "called for these enterprises to be better supported in serving the real economy", Xinhua said.