China Escalates Crackdown on Illicit Financial Brokers

Chinese authorities have launched a sweeping new crackdown on illicit financial practices, taking aim at predatory online lenders and loan brokers as part of a broader campaign to root out a sprawling underworld of consumer fraud.

The Ministry of Public Security and the National Financial Regulatory Administration held a joint video conference on April 2, deploying a new phase of targeted strikes against financial “black and gray” market crimes. The campaign aims to clean up illegal financial intermediaries, maintain market order, and protect consumers, in a bid to secure the high-quality development of the financial sector.