China is home to multiple fintech giants, from Ant Financial to Lufax, and yet the Chinese government appears to have mixed views on how far it is willing to allow fintech to go before it yanks on the leash. 

Most conspicuously, China is dealing with a proliferation of so-called "bad" P2P lenders, from platforms engaged in outright Ponzi schemes (Ezubao), to those experiencing rising non-performing loans. This has forced it to rein in more adventurous (and potentially detrimental) sectors and participants. 

Yet, this hasn't stopped the Chinese government from pressing on with regulations intended to benefit the burgeoning fintech sector, suggesting that the Chinese government is crafting a nuanced regulatory environment.