Went to People Daily Website, search online find this news that China to improve regulatory system to address fintech challenges for sharing.
Below wordings is quite different from Reuters reports. Not sure if this is the one they talk about.
Below is part of the news extract from People Daily website
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In recent years, China has seen continuous innovation in fintech, lowering costs and enhancing the efficiency of financial services in the country.
For instance, supported by large technology firms, the penetration rate of China's mobile payment services has reached 86 percent. Moreover, the digitalization of credit services helps to better meet the financing needs of small and micro companies, according to Yi.
However, the governor noted that the development of fintech has also brought new challenges, including conducting financial business without licenses, launching unfair competition by abusing market dominance and the excessive collection of consumer data.
In the next stage, China will continue strengthening the supervision of payments. Measures should be taken, including advancing the regulation of financial holding companies, as well as exploring more convenient data transactions and more reasonable data use, on the basis of ensuring privacy and data security, Yi said.
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