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CHINA PRESS: Regulators have clamped down on finance technology (fintech)
companies, with payday loans as a focus, Huang Zheng, head of China Finance
Technology Innovation Research Institute, wrote in an article published Friday
in the Financial News, a newspaper of the People's Bank of China. Financial
regulators have extended a risk prevention campaign because of unsolved problems
in the fintech sector still need to be curbed. As the media had reported, the
Chinese government on Tuesday did issue a document to stop the creation of new
companies providing payday loans. The tightening this time could be regarded as
increased coordination between local and central financial regulators, as the
National Financial Work Conference and the 19th Communist Party Congress
emphasized, Huang wrote. Some local governments have issued too many licenses to
payday loan companies, and the central government has ordered them to review the
companies and strengthen supervision. (Financial News)

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