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China Vows Continued Tight Grip on Internet Finance

China launched a campaign targeting internet financial risks in April 2016. Photo: VCG
China launched a campaign targeting internet financial risks in April 2016. Photo: VCG

China will extend a two-year-old nationwide campaign to crack down on financial violations in cyberspace to root out risks and put the fledgling online financial market under proper oversight, the country’s central bank said Monday.

Regulators will take an additional one to two years to correct the online financial market, dissolve financial risks and set up a long-term regulatory system, said Pan Gongsheng, deputy governor of the People’s Bank of China, who oversees the campaign against online financial risks.

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