MNI China Press Digest Dec 30: Ant Group, Wolf-Warrior, Policy

The following lists highlights from Chinese press reports on Tuesday:

Chinese regulators' two discussions with the Ant Group on financial regulation since Nov. 2 showed they are determined to break up monopolies by fintech giants and regain control of the financial market, the Economic Daily wrote in an editorial. The control of personal and transactional data by large fintech platforms poses systemic risks, as many users are connected to commercial banks through third-party payment options without oversight, wrote the newspaper. Fintech platforms may also provide illegal lending using technological advantages to bypass geographical and licensing restrictions, the Daily's editorial said.

Over 70% of respondents in a recent survey conducted by the Global Times, a newspaper owned by the Chinese Communist Party, support the aggressive stance adopted by the Ministry of Foreign Affairs, the so-called Wolf-Warrior diplomacy. About 80% of the survey respondents believe the image of China has improved this year, despite western media suggesting growing mistrust or negative views of China in western countries, the newspaper said. Nearly 30% of respondents said the new cold war between U.S. and China is highly likely or has already begun, according to the Global Times survey.

China will employ targeted policy tools as it maintains the continuity of monetary policies and the stability of yuan, the Securities Times reported citing the Q4 meeting of the PBOC monetary policy committee held on Dec. 25. The meeting stressed financial support for technology innovation to help reduce foreign reliance, the newspaper reported citing Ming Ming, the deputy director of CITIC Securities Research Institute. China may not cut policy rates in the short term as the meeting minutes focused on consolidating the reduction of real interest rate on loans, the newspaper said. The committee urged companies and banks to beware of risks and emphasized stable expectations for the yuan following its surge in recent months, according to the report.