Beijing grapples with internet finance industry

China’s watchdogs for securities and banking are scrambling to introduce new rules to better control the booming internet finance industry.

China is attempting to take a firmer grip of its internet finance industry following a proliferation of companies offering services.

Internet finance refers to services including online wealth management, third-party payments, P2P small loans, electronic banking and online crowd funding.

The China Securities Regulatory Commission on Friday said it was co-operating with the country’s other regulators in drafting new rules on the industry due to fears and complaints.

“Some problems and risks exist in the development process of internet finance, which needs regulation and guidance,” said Zhang Xiaojun, a spokesman for the regulator.

The central bank, China Banking Regulatory Commission and...

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