China plugs loopholes to curb risks in $49-trillion financial industry
The new rules will blacklist certain individuals from becoming major or controlling shareholders in financial holding firms
13 September 2020 - 17:14
Beijing — China is tightening rules and imposing capital demands on sprawling empires such as Ant Group and China Evergrande Group in its latest attempt to curb risks in the nation’s $49-trillion financial industry.
The new regulations will require licences for nonfinancial companies that do business across at least two financial sectors, and which are designated as “financial holding companies”, the State Council said on its website on Sunday...
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