China’s government is cracking down on fintech. What does it want? | The Economist

China's government is cracking down on fintech. What does it want?

The state is seeking to position itself at the heart of the industry

FINANCIAL TECHNOLOGIES “cause turmoil when loosed” yet “perish once regulated”, a deputy governor of China's central bank observed last year. This is an apt description of the dilemma facing the country's regulators. Innovation has swept its financial markets over the past decade.

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