China Said to See 'Record Number' of Financial Scams Cases in 2015

(Beijing) – China had a record number of scams last year as regulators struggle to catch up with changes the Internet has brought to the financial industry, officials said at an inter-ministerial meeting to address the issue.

The number of cases of what the government calls "illegal fundraising" rose by more than 70 percent last year from a year earlier, Yang Yuzhu, who heads an interagency body tasked with tackling the problem, said at the meeting on April 27 that was attended by representatives of 14 ministries and commissions.