What’s new: The overall progress of rectification work at Ant Group Co. Ltd. has been smooth, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, as regulators continue to implement sweeping restructuring plans imposed on 14 internet companies to overhaul their financial businesses.
Ant Group’s self-inspection work is nearly complete, but there are still some issues to be resolved, Guo told a press conference on Wednesday. He added that while the country encourages financial innovation, laws and regulations must be followed to ensure fair competition and avoid the disorderly expansion of capital.
