China is restricting their own tech giants Alibaba, Ant, Tencent to spread out into financial services.

https://www.zerohedge.com/markets/tencent-censured-ant-group-head-forced-out-beijings-big-tech-crackdown-continues

In this situation, 2 concepts of the Sovereign Economic Model come into play: State capitalism and Market regulation. The Chinese state makes sure that it control a strategic business (payment systems and financial services) and because of the might of these social media corporations, restricts them into tight regulation so to not allow to translate their market share in social media into financial services. So they effectively prevent monopolies to be created.