Rules on Internet finance set for March

Updated 2016-10-14 09:53:42 Shanghai Daily

China plans to complete the latest regulations governing Internet finance by March in an effort to phase out problematic online finance platforms and ensure healthy development of the industry.

The regulations will target peer-to-peer online lenders, equity-based crowdfunding, online insurance, third-party payment, cross-border financial and asset-management services on the Internet as well as scrutinize Internet finance advertising.

The regulations were drawn up by the State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the Ministry of Industry and Information Technology, the MIIT said yesterday.

The pending regulations marked the government's latest efforts to clean up the industry following several policies in the recent two months, industry officials said.

"The online lending industry is like shadow banking with huge risks and without regulations," said Zhang Jun, chief executive of PPDai.com, a Shanghai-based online lender.

P2P lenders encountered problems like failures and fraud. For example, P2P firm Ezubao used an online Ponzi scheme to draw about 50 billion yuan (.4 billion) from 900,000 investors.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 16 2019 16:51:59

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 16 2019 16:51:59

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 16 2019 16:51:59

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords