China Vows Crackdown on Financial Fraud in Rural Areas
(Beijing) — Worried about an increase in financial fraud that is often directed at unsophisticated rural areas, China is urging banks to offer more internet and mobile-based financial products to farmers while pledging to combat financial scams.
The State Council and the Central Committee of the Communist Party issued a policy statement Sunday subtly modifying last year’s wording on developing internet finance in rural areas. While last year’s call was to develop internet and mobile-based financial services in rural areas, this year’s document emphasized the role of financial institutions by encouraging banks to use internet technologies to provide microloans, payment services and insurance to farmers.
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