China issues details of rules to tackle online financial risk
14 Oct 2016

China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector.

The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P) lending, crowd-funding and third-party payments.

The goal is to provide “market order” and safeguard the “vital interests” and “legitimate rights” of financial consumers, an unnamed senior official told the state-run Xinhua News Agency.

China’s banking regulator in August issued the first set of regulations under the guidance. Those rules were aimed at cracking down on fraud in the country’s $93 billion peer-to-peer (P2P) lending market.

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