Related News
Risks abound in online investing
Print Edition
Customers investing in financial products sold by Internet companies should be aware of legal and money safety risks, the deputy governor of China’s central bank cautioned.
Liu Shiyu, deputy governor of the People’s Bank of China, said Internet fund-raising, especially peer-to-peer lending, may be violating laws by taking public deposits due to a lack of clear legal definitions.
“The bottom line is that Internet financial organizations cannot illegally take public deposits, and that they cannot conduct illegal fund-raising,” Liu wrote in a commentary in a financial magazine by published Tsinghua University.
But he also said that although innovative development of Internet finance is supported, “we will never allow them to touch the bottom line.”
Liu warned that owners of online financing platforms may abscond with people’s investment as there are no third-party deposit rules.
But he said the authorities will allow time for the sector to develop, tolerate small mistakes and support exploration of new business models as long as risks are manageable.
Liu’s comment was made amid news that financial regulators are drafting rules on Internet financing, including lending, sales of monetary funds, and virtual currencies.
The China Banking Regulatory Commission has submitted plans to the State Council that may standardize online and offline financial practices, the China Business News said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
