Caixin
Aug 08, 2018 05:33 AM
FINANCE

China Fights ‘Gang Crime’ and ‘Evil’ in Illegal Lending

The China Banking and Insurance Regulatory Commission (CRIRC) is launching a new campaign against gangster-like activities by illegal loan providers. Photo: Caixin
The China Banking and Insurance Regulatory Commission (CRIRC) is launching a new campaign against gangster-like activities by illegal loan providers. Photo: Caixin

China’s top banking regulator is launching a special campaign to “sweep gang crime and eliminate evil” in the financial sector, targeting illegal lending and debt collecting.

The China Banking and Insurance Regulatory Commission (CBIRC) issued a notice Tuesday asking local regulators to work with police departments on crackdown on gangster-like activities by illegal loan providers.

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