Naked Capitalism has the post China Takes Step Against Securitization, Consumer Borrowing With Suspension of Ant IPO.
Another reason for China to take a dim view of personal borrowing is that the government prioritizes wage growth and improving living standards as its basis for legitimacy. There’s no reason, as in the US, to use consumer borrowing to mask stagnant worker wages. And the Chinese may even have recognized that overly financialized economies have lower rates of growth than ones at a more modest level of financial “deepening”. The IMF found that Poland was at the optimum level, but argued that more finance might not create a drag if the sector was well-regulated.
Another example where the Chinese government regulates capitalism better than the USA Government does. Are we supposed to be angry at China for controlling corruption better than we do? Or are we going to impose sanctions until they let corruption take hold of their economy, too?