Ants lending business has doled out 1.8T on 36B of cash from Ant itself. That's 50 times the leverage they financed through ABS. A term that was very relevant in 2008.

Everything will be fine until the central bank raise interests, or if economy goes down the shitter. The new regulation limits the leverage cap from infinite to about 15, closer to bank's 10. This limits risk, and is considered a reasonable move.

A truly desperate move would be to allow these bubbles to go ahead and IPO. Which almost happened, everything will be fine and dandy for a while, until it's not. Whether it's due to Xi's insecurity or not, I'd say that China dodged a bullet here.