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Chinese Regulators Order Tech Companies to Standardize Financial Businesses A photo of the flag of the People’s Republic of China. (radiowood, https://flic.kr/p/7asMfM; CC BY-NC 2.0, https://creativecommons.org/licenses/by-nc/2.0/) On April 29, Chinese regulators from the China Banking Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange announced that they have ordered 13 of China’s biggest tech companies, including Tencent and ByteDance, to “standardize” their online financial businesses. Regulators will likely require firms to spin off payments programs and may even eliminate some firms’ insurance, wealth management and lending practices. The People’s Bank of China stated that some of the firms will need to set up financial holding companies to house certain parts of their businesses. Financial holding companies are subject to heightened restrictions on their assumption of financial risk. (One comme ....
The Cipher Daily Brief Get a daily rundown of the top security stories delivered to your inbox Monday through Friday with exclusive briefs and columns on what matters most to you and your organization. SIGN UP FOR The Free NewsletterSign up The Strategic Offensive Against the CCP February 8, 2021 | Doowan Lee The Newsletter
Phil W. Reynolds is a visiting scholar at the Center for Futures Studies at the University of Hawaii and is the author of OPINION ‘The War God’s face has become indistinct’. That line is from a 1999 China defense paper that delineates the Chinese Communist Party (CPP)’s understanding of today’s global battlefield. For China, a war with the world would encompass the fundamentals of strategic competition: economic warfare combined with information warfare. The battlefield the CCP envisions includes foreign economies and information environments as legitimate targets. ....