According to the Xinhua News Agency, Xi Jinping chaired the 26th meeting of the Central Committee for Comprehensively Deepening Reforms on June 22. He approved a plan to standardize and improve the regulatory rules for payment and financial technology platforms.

At the meeting, Xi emphasized the need to protect the legitimate rights and interests of financial consumers, strengthen the supervision of platform companies on antitrust and anti-unfair competition, and supervise the regulation of big data and algorithmic discrimination.

According to data released by Tencent, the two largest payment platforms in China are Ma Huateng’s WeChat Pay and Jack Ma’s Alipay.

A commentary of Sound of Hope media asserts that Xi’s statement has deadly power over financial platforms in China. 

In the commentary, an analyst said Xi Jinping wants the economy to reach its annual growth target, but premier Li Keqiang does not fully own China’s “money bag.” 

The commenters added that China’s wealthiest sector is the financial industry. The China Communist Party elites are all involved in the financial sector. The one who controls China’s “money bag” is actually Jiang Zhicheng, the grandson of Jiang Zemin, former General Secretary of the Communist Party of China.

According to the Wall Street Journal, Jiang Zhicheng and Li Botan, son-in-law of Jia Qinglin, former Politburo Standing Committee member and other members of Jiang’s powerful family, were secret investors in Jack Ma’s Ant financial company. 

Sound of Hope added that CITIC Capital and China Development Bank Finance company also stand behind Jack Ma. 

These two companies are related to the sons of Liu Yunshan, Wang Zhen, Chen Yun, and others. All of them are leading members of the Jiang faction, which opposes Xi’s faction.

Xiao Jianhua, founder of Tomorrow Group, is about to stand trial on criminal charges. Xiao is said to be on Jiang’s side and implicated in the stock market crash following a “financial coup” in June 2015, which targeted Xi Jinping’s anti-corruption campaign.

Sound of Hope claims that some sources said that Xiao Jianhua provided the Xi faction with a “contact map” of powerful “financial predators” within the CCP that belong to the Jiang faction.

Sound of Hope remarked that—if this is true—it may mean that the “money bag” battle between Xi Jinping and the Jiang faction is about to enter a critical moment, a “decisive battle.”

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