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People's Bank of China Counselor........>

CHINA PRESS
CHINA PRESS: People's Bank of China Counselor Sheng Songcheng said at a forum
Thursday that a key task for the newly established Financial Stability and
Development Committee under the State Council is to strengthen supervision over
financial technology and hold financial institutions accountable, China Business
Network reported. Sheng said that recent regulations and government moves to
clamp down on the illegal practices of fintech companies show that improving the
investment environment of the sector and defending the interests of consumers
are urgent tasks, the report said. Shang stressed that if risks triggered by
fintech companies spread, it could seriously damage the safety of the financial
system and social stability. (China Business Network)

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