Beijing Cracks Down on Finance Sector, Demands Focus on Real Economy Over Profit

• Beijing warns China's huge financial sector to focus on supporting the real economy, not "fake financial innovation"

• Sector told to avoid letting money circulate just for arbitrage; must not be distracted from real economy

• Warning comes amid tougher rules on quant trading and concerns over debt mountain, property slump

• High-level meetings indicate leadership emphasizing function over profitability in financial system

• China still lags far behind U.S. in many aspects as it aims to become a global financial power as Xi ordered