China to target biggest payment app Alipay in tech crackdown: Financial Times

No judicial oversite? Seems like strangling the goose that lays the golden eggs.

Xi Jinping and the CCP are deathly afraid of any entity that might amass more power and more importantly more popular influence within China than the CCP has. They cannot allow rivals for power or influence. A secondary but still important consideration is that these firms possess enormous amounts of detailed personal information on party officials including but not limited to buying patterns, internet viewing habits, their porn and gambling activities, extramarital partners, etc. Good stuff foreign intel organizations would love to get their hands on,, and obtw, their former Minister of State Security left for a visit to California last February to see his university student daughter and hasn't been heard from since. Coincidence? And not long afterwards Jack Ma criticizes the amount of business regulation in China saying it deters innovation. Mr. Xi and the CCP blew a cork!

Alipay will have to hand over customer data used to make its lending decisions to a new credit scoring joint-venture that is partly state-owned,

You are making money? We want in!!!!!

Sounds like a plan that don Corleone would come up with.

Xi is a King pin sooner or later the old rich whom he is also coming after will take him out!

Xi is a King pin sooner or later the old rich whom he is also coming after will take him out!

I reckon if things were to get bad enough in China Xi and his inner circle could end up like the Gang of Four, but remember it took ten long awful years of a "Cultural Revolution" (which my family has some direct hands on experience with) and Mao's death before they were vulnerable enough to be put on trial.

After separating its payment and loan businesses Alipay will have to hand over customer data used to make its lending decisions to a new credit scoring joint-venture that is partly state-owned

From private company to giving the customer data to the government

From the frying pan into the fire

Why would ya wanna open up an account