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Fintech must serve the real economy, Chinese regulator says

Government signals only conditional support for booming sector

China Securities Regulatory Commission Vice Chairman Jiang Yang attends the Asian Financial Forum in Hong Kong on Jan. 15.   © Reuters

HONG KONG -- China will support only those financial technology businesses that benefit the real economy, a top regulator says, as the government becomes more cautious about the financial risks encouraged by the fast-growing sector. 

In a speech at the Asian Financial Forum on Monday, Jiang Yang, vice chairman of the China Securities Regulatory Commission, said the development of fintech should support the wider economy, instead of profiting only "a small group of people."

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