China issues details of rules to tackle online financial risk

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China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector. The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P) lending, crowd-funding and third-party payments. China’s banking regulator in August issued the first set of regulations under the guidance.

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