MNI China Press Digest Nov 3: FinTech Risk, Rural Land, Reform

The following lists highlights from Chinese press reports on Tuesday:

Chinese regulators have increased measures to supervise fin-tech companies in an effort to prevent risks, the Securities Times reported in its WeChat social media account. The PBOC and three other financial regulators on Monday summoned Jack Ma and two other executives of Ant Group for talks over regulations. After the meeting, the company said it would accept supervision, the Times said. Online micro loan lenders would also begin to face stricter supervision and must now seek approvals to conduct lending business across provinces, the Times report said.

China's top leaders have urged local authorities to give 30-year extensions to rural land leases after they expire, so as to maintain stable collective ownership and rural contract-farming systems, the People's Daily reported. The registration and certification processes for rural contracted lands is critical in improving rural governance, and the 30-year lease extension project will help safeguard the legitimate rights and interests of millions of farmers, the Daily said citing Premier Li Keqiang.

China will focus on improving and opening its markets and promote the efficient allocation of resources to expand domestic demand, Xinhua News Agency reported late Monday. The report, which came from the16th meeting on deepening reform chaired by President Xi Jinping, said China would also increase the competitiveness of SOEs, improve their roles in safeguarding strategic security and industry leadership, while at the same time preventing the loss of state assets.