Illegal fundraising crackdown to step up

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 of the interagency task force leading the crackdown on illegal fundraising, said on Wednesday it will carry out comprehensive inspections on how well local governments have implemented the State Council's guidelines on further improving efforts to prevent and deal with illegal fundraising.

"The interagency task force will urge directors and regulators of relevant sectors to accelerate the improvement of regulatory measures and step up everyday supervision and risk control, especially in several key areas where illegal fundraising cases occur most frequently, including peer-to-peer lending and crowdfunding," he said.