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Dow Jones Newswires: China approves plan to develop regulations for fintech sector

Chinese President Xi Jinping approved a plan to standardize and develop regulations for the payments and financial technology sector in a high-level meeting, signaling that a regulatory crackdown on the sector might be easing.

The core function of fintech platform companies should serve the real economy and authorities will enhance the supervision of payment firms and their financial activities, according to a Wednesday meeting of the Central Commission for Comprehensively Deepening Reform chaired by Xi, state media Xinhua reported.

China will seek to improve regulations over the sector, make up for shortcomings in supervision and prevent systemic financial risks, Xinhua reported.

Since last year, Beijing has taken a hard stance on internet technology companies including titans like Alibaba Group Holding Ltd.

saying the company made hefty returns from originating loans without taking on sufficient risk.

In the same meeting, Xi also pledged to build a data infrastructure system and safeguard national data security.

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