China's Inter-ministerial Joint Meeting on Preventing and Combating Illegal Financial Activities held a special session in Beijing focused on cracking down on illegal financial activities carried out via apps, with the meeting convened by National Financial Regulatory Administration Director Li Yunze. The session called for decisive, coordinated enforcement actions to address emerging risk patterns and protect consumers. The Cyberspace Administration of China, Ministry of Industry and Information Technology, Ministry of Public Security, Ministry of Commerce, People's Bank of China, and State Administration for Market Regulation, among others, set out related work arrangements, while officials from Jiangsu, Fujian, and Chongqing shared local practices. The meeting tasked the joint mechanism with strengthening cross-agency coordination and implementation of key tasks, required sector supervisors and regulators to strengthen line management under the principles of managing illegal as well as legal activity and treating risk management as part of industry oversight, and placed responsibility on local party committees and governments to pursue major cases, act early on risk signs, and sustain the special campaign against illegal fundraising while improving longer-term prevention and enforcement mechanisms.
China Banking and Insurance Regulatory Commission 2025-10-31
China's National Financial Regulatory Administration convenes inter-ministerial meeting to intensify crackdown on app-based illegal financial activity
China's Inter-ministerial Joint Meeting in Beijing, led by National Financial Regulatory Administration Director Li Yunze, addressed illegal financial activities via apps. The session emphasized coordinated enforcement and tasked the joint mechanism with enhancing cross-agency coordination. Local authorities were urged to pursue major cases and sustain efforts against illegal fundraising while improving prevention and enforcement mechanisms.