Rules regulating illegal financing......>

CHINA PRESS: Rules regulating illegal financing will be one of China's main

regulatory tasks this year, Economic Information Daily reported on Tuesday,

citing Chinese officials.

  - The rules would further define illegal financing, list specific

responsibilities for regulators, and strengthen supervision on illegal

financing; 

  - China's illegal financing cases were down 16.5% and the money amount

involved in such cases dropped 42.3% in the first quarter, according to the

regulatory body (led by the CBRC) which is responsible for supervising illegal

financing; 

  - Illegal financing was found in almost all industries, with fintech, property

and agriculture sectors seeing the most of it, the newspaper said. 

***Comments: A key task for the PBOC will be to clamp down on illegal financing,

especially those in the name of fintech, PBOC Governor Yi Gang said in

Washington last week. More regulations on illegal financing will be introduced

this year to reduce their risks to the overall financial and economic systems.