China said to have okayed clean-up of online finance

Beijing

CHINA'S government has approved a sweeping plan to clean up the country's online financial sector, according to sources with direct knowledge of the matter, including rules to limit the activities of P2P lending firms, the source of recent fraud scandals.

The plan, which was drafted by China's central bank, follows a mid-April video-conference with 14 ministries and regulators organised by the State Council, the country's Cabinet, which approved the plan document seen by the sources.