Photo: CFP

Competition in the financial sector is high and monopolistic practices and unfair competition are prominent in some areas, said Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC).

Problems include disordered expansion of industrial capital, illegal financial activities under the banner of "financial innovation" and "Internet plus finance", and some large Internet platforms engage in unfair competition in various financial services, Guo told Xinhua News Agency on Tuesday.

"Financial services must be licensed and there is zero tolerance for illegal financial activities. Most of the questions that financial authorities raised have been addressed during the rectification of 14 Internet platforms. By the end of this year, more significant substantial progress will be made," Guo pointed out, adding that the regulator will continue to adhere to principles and strive to create a better financial environment for the development of the private sector.