China to launch crackdown on illegal fundraising
May 2, 2016 Category Finance, Weekly
China will intensify its crackdown on illegal fundraising by enhancing regulation, pushing forward the construction of monitoring and alert systems by local governments, and strengthening inspection of illegal fundraising activities, Yang Yuzhu, Director of the office leading the crackdown on illegal fundraising, said. In 2015, the number of newly occurred illegal fundraising cases in China increased by 71% year-on-year. The money and people involved rose 57% and 120% respectively – both historic highs. Cases involving over CNY100 million increased 44% from a year ago. The authorities would jointly overhaul the sector in the second half of the year to assess risk exposure in private asset management, peer-to-peer (P2P) lending, rural cooperatives, private equity and other financing activities.
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