Regulator vows to get tough on online brokers

China's top banking regulator has vowed to crack down on illegal fundraising activities by unscrupulous online brokers and warned investors to be wary of their schemes.

Shang Fulin, chairman of the China Banking Regulatory Commission, said at a news conference on Saturday: "The CBRC will strengthen regulation, intensify on-site inspections and step up administrative penalties."

Shang said illegal fundraising cases have become so common and the perpetrators are finding new ways to commit their crimes.