China Establishes Powerful New Financial Regulator to Oversee Fintech and Tackle Risks
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China's new financial regulator, National Administration of Financial Regulation (NAFR), will oversee fintech risks. It has a department dedicated to the tech industry.
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The NAFR will have greater powers to tackle illegal financial activities and protect consumer rights.
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The NAFR absorbs the banking and insurance regulators. It has 27 departments, with new ones for fintech and consumer protection.
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The NAFR vows to resolve local debt risks and promote healthy real estate financing.
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The Communist Party is exerting more control over finance and tech sectors to address economic risks. Over 100 financial executives were brought down for corruption this year.