Central Government Releases Plans to Counter Fraud in Internet Financing

(Beijing) — China's State Council and the nation's financial regulators have issued a sweeping set of plans to tackle risk and outright fraud in the booming Internet financing industry, in which consumers have been swindled out of billions of yuan.

The Special Work Plan on Rectifying Internet Financial Risk was released by the State Council, China's cabinet. Other proposals were laid down by the central bank and both the banking and securities regulatory commissions. The plans include more detailed guidelines to increase supervision of the online financing industry, including peer-to-peer (P2P) lending, equity crowd-funding and third-party payments.