Plan approved to develop fintech sector

PRESIDENT Xi Jinping chaired a top-level meeting Wednesday that approved a plan for the healthy development of China’s large payment firms and fintech sector.

The core function of fintech platform companies should serve the real economy and authorities will enhance the supervision of payment firms and their financial activities, according to the meeting, Xinhua said, without giving details. China will push large payment firms and fintech platforms to return to their roots, and will look to better coordinate supervision between various regulatory bodies, Xinhua also quoted the meeting as saying.

China mulls extending electric car tax exemptions

CHINA is considered extending tax exemptions on electric car purchases in a bid to boost spending on the auto sector by about 200 billion yuan (US$30 billion), domestic media reported Thursday, citing a State Council meeting chaired by Premier Li Keqiang.

Supportive policies such as waiving taxes would aim to bolster demand for new energy vehicles as well as stimulate the used-car market, according to the reports. Government subsidies introduced in 2009 to help the electric car industry are already being withdrawn and are due to be phased out completely next year.