Beijing looks to reduce number of illicit practices within the financial sector

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The Chinese government has launched a number of targeted actions to clamp down on financial crime in China. The crackdown intends to fend off illegal fundraising, fraudulent transactions, underground banks, card crime.

These extra security measures will help reduce financial risks and safeguard national security, the Chinese Public Security Ministry released in a statement last week.

Beijing is looking to create greater regulations and reduce any prohibited practices in the financial sector in light of the central bank governor cautioning against the rise of covert risks that have been slowly accruing in the current system.