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China Socks gain on buyback


The Mainland China share market finished session higher on Wednesday, 03 March 2021, as market participants started purchases on dips and buybacks on hopes of domestic economic growth and bullishness ahead of the annual gathering of the National People s Congress (NPC) conference in Beijing which starts on Friday.
At closing bell, the benchmark Shanghai Composite Index surged 1.95%, or 68.31 points, to 3,576.91. The Shenzhen Composite Index, which tracks stocks on China s second exchange, added 1.3%, or 30.35 points, to 2,363.11. The blue-chip CSI300 index advanced 1.92%, or 102.56 points, to 5,452.21.
China s top banking watchdog said on Tuesday regulators were studying effective measures to reduce the risk of foreign capital inflows. The remark is interpreted by some as pointing to Beijing s little willingness to lift interest rates, a move that could invite more inflows. ....

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Chinese fintech firms expected to meet capital requirements within 2 years


China s financial technology companies are expected to meet capital adequacy requirements within a maximum of two years, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission (CBIRC) on Tuesday.
Micro lenders, consumer finance firms and banks operated by internet platforms should all have adequate capital like other financial institutions, Guo said at a news conference.
Chinese financial regulators have rolled out a slew of measures since last year to tighten the oversight of online lending practices in the country, particularly of technology firms looking to expand into the financial space, moving away from its once laissez-faire approach. ....

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