China to create a ‘clean’ financial environment

Source:Global Times Published: 2018/8/7 22:08:39

The China Banking and Insurance Regulatory Commission said Tuesday that regulations on the country's banking and insurance industry will be reinforced in a bid to weed out "vicious power" and return a "clean" financial environment.

In the banking sector, illegal agencies mainly dealing with loan issuing are the priority target in this crackdown, said the regulator in a notice published on its website on Tuesday.

Behaviors that will be targeted include illegal fundraising and private lending, providing loans in such unlawful methods, for example, to cause intentional harm, being insulting and threatening and issuing no-target loans to students.

An urgent contact mechanism should be established to ensure related work on checking and freezing accounts that are involved in vicious power and to effectively hinder criminals' channels for cash flow, according to the notice.

It is important to extinguish illegal behavior at the source, especially when it comes to financial services for small and medium-sized enterprises.

Posted in: MARKETS

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