Are the lights finally out for China’s biggest overseas acquirers?

The Chinese government’s National Financial Work Conference on July 14 and 15, which sets the scene for the country’s financial sector for the next five years, was a little different from the last.

The twice-a-decade meeting of China’s top financial regulators and provincial governors – traditionally hosted by the premier – was chaired by Chinese president Xi Jinping.

Xi’s attendance, and his reiteration of the prevention of systemic risk as the “eternal theme,” not just underlined the leadership’s resolve to crack down, but also the severity of the financial risks that threaten the mainland’s economic health.

The meeting was also attended by Wang Qishan, China’s anti-corruption tsar, as a clean up of the financial system is intricately linked to the Communist Party and the government.

“The leaders have been getting tougher and taking direct action against companies,” said Fraser Howie, a former banker in Asia who co-wrote three books on the Chinese financial system.

“What is becoming clear is that the third plenum and serious reform dividing state and corporate is just not happening,” Howie said. “Xi seems to have zero interest in that and instead all are beholden to the Chinese Communist Party and its every narrow leadership.”