22 January 2019

Crackdown on non-financing guarantee sector, govt says

Eight government agencies, including the China Banking Regulatory Commission and the National Development and Reform Commission (NDRC), have jointly ordered a crack down on irregularities in non-financing guarantee firms, according to a statement on the NDRC’s website Monday. Some of the firms have illegally taken deposits, raised funds, and been involved in loan sharking, the statement said. Governments at all levels have until the end of August to inspect the companies and remedy the behaviour. 

– Contact HKEJ at [email protected]



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