More problems for Ant

CHINA ADVISORY - Report 28 Dec 2020 by Andrew Collier

This report is a quick comment on the latest statement by the PBOC on Ant. The Wall Street Journal Sunday reported that Ant is being forced out of the lending business. And that’s not the only encroachment on the fintech sector. According to Foreign Policy magazine (quoted by Business Insider), the intelligence agencies also demanded their share of the pie. This is all very bad for whatever wishes the world has for Chinese reform. There are too many examples of “Beijing overreach” to think these are isolated situations. What does this mean for China going forward?

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