China's National Financial Regulatory Administration published a readout of an expanded plenary meeting of the inter-ministerial joint conference on preventing and combating illegal financial activities, which decided to launch a three-year nationwide “overall campaign” from 2026. The initiative is positioned as a follow-on to the two-year national special action against illegal fundraising launched in 2024, with the aim of making prevention and enforcement more routine, institutionalised and standardised. The meeting reported that the 2024–2025 special action led to the investigation and handling of a number of major cases, the establishment of local three-tier mechanisms for prevention and enforcement, stronger cross-sector governance and wider public education. The three-year campaign is set to focus on full-scope coverage, whole-of-government coordination, full-chain治理 and full-cycle management, including stricter enforcement of licensing and franchised-operation principles, tighter controls over the dissemination of illegal-finance information, more accurate monitoring and early-warning, targeted action against app-enabled illegal financial activities, accelerated disposal of legacy cases, and strengthened rulemaking through improvements to laws and regulations, industry policies and local supporting制度. Local governments and relevant departments were instructed to break down tasks, specify measures and responsibilities, and organise implementation to ensure a strong start to the campaign.
China Banking and Insurance Regulatory Commission 2026-04-22
China's National Financial Regulatory Administration-led taskforce launches three-year nationwide campaign against illegal financial activities
The China National Financial Regulatory Administration announced a three-year nationwide campaign against illegal financial activities from 2026, following the 2024–2025 special action on illegal fundraising. The campaign will emphasise full-scope coverage, whole-of-government coordination and full-cycle management, including stricter licensing enforcement, tighter controls on illegal-finance information, enhanced monitoring and early warning, targeted action against app-enabled illegal finance, accelerated disposal of legacy cases and strengthened rulemaking. Local governments and relevant departments must refine tasks, clarify responsibilities and organise implementation.