Last Updated: Hegemony Or Territorial Expansion Is Simply Not In The Chinese DNA : China Tells US Hegemony or territorial expansion is simply not in the Chinese DNA : China tells US
Beijing/Washington, Jul 26 (PTI) The desire to seek hegemony or territorial expansion is simply not in the Chinese DNA , Chinese Vice Foreign Minister Xie Feng told his American counterpart Wendy Sherman on Monday. Xie made the remarks while meeting with visiting US Deputy Secretary of State Sherman in the northeastern port city of Tianjin to discuss ways to set terms for the responsible management of the strained ties between Beijing and Washington.
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 commentator sugge