China Moves to Bar Celebrity Livestreamers From Pitching Financial Products

The draft is part of a broader campaign to regulate the growing practice of financial institutions reaching customers through the internet

Chinese regulators moved to bar businesses from using celebrity livestreamers to pitch financial products online like cosmetics, clothing and cell phones.

Draft guidelines issued Friday would require that people involved in online marketing of financial products through livestreaming and social media platforms be employed by financial institutions and have professional qualifications. Celebrities would be banned from recommending and endorsing financial products under the proposed rules.

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