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China eases broad crackdown on tech firms

China is moving towards easing the broad crackdown on tech companies by promoting the “healthy development” of the payment and fintech sectors. Chinese President Xi Jinping, who chaired the meeting of the central commission, moved for deepening overall reform that would encourage companies to return to their roots while the authorities will improve regulation. China would ensure the security of payment and financial infrastructure and work to prevent and defuse systemic financial risks. The government will also enhance oversight of financial holding companies and financial institutions invested by platform firms. Beijing earlier promised to relax crackdowns that ruined Ant Group's record initial public offering (IPO) in 2020 and entangled every sector from online education to gaming. Ant said it has no plans to initiate an IPO, but the company's Chairman Eric Jing said last year that it would eventually go public.

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