Illegal financial risks being tackled

To prevent risks from spreading in the financial system, China will toughen its crackdown on illegal fundraising and irregular financial activities that dodge regulations, Premier Li Keqiang said on Tuesday.

Li described illegal and risky practices by some financial institutions as "blisters". He struck a resolute note that they need to be cleaned up to forestall financial risks.

"A blister needs to be pricked when necessary," Li said at a news conference after the conclusion of the first session of 13th National People's Congress. "Otherwise, a small problem may spread, and it will involve moral hazard."