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Tim Culpan

China’s Xi Jinping Knows He Needs the Fintechs

Hitting growth targets and pushing back against foreign-led financial systems requires the kind of innovation only these companies can offer.

Navigating the economic malaise.

Navigating the economic malaise.

Photographer: Qilai Shen/Bloomberg

President Xi Jinping has a lot going on right now. Just this week he slammed the weaponization of the global financial system, vowed to meet domestic growth goals, and called for the healthy development of China’s fintech sector. They’re all related.

In the first reference to economic targets since an April Politburo meeting, the Chinese leader on Wednesday said his country will “strengthen macro-policy adjustment and adopt more effective measures” to hit both social and economic development objectives for this year, Xinhua reported. That same day, Xi called for his government to improve regulation, strengthen “institutional weak links,” and support fintech companies in aiding so-called dual circulation, the state news agency said.