Steps urged to cut online finance risks

China UnionPay chairman calls for higher entry threshold for industry

China should regulate market access to the payment industry more strictly to help prevent financial risks, said Ge Huayong, chairman of China UnionPay and a member of the country's top political advisory body.

Ge noted that there may be a rise in risks associated with internet finance in some areas this year, and that while potential risks also exist in the payment industry, there are no big problems.