China's internet watchdog pledges continuous crackdown on illegal financial activities

BEIJING -- China's internet watchdog on Wednesday pledged continuous efforts to crack down on financial misconduct in cyberspace to protect people's property.

The Cyberspace Administration of China said it has maintained a strict stance and dealt a heavy blow to online misconduct concerning the financial sector this year, taking action against some social media accounts involved in illegal financial activities.

The targeted offenses include illegally recommending stocks and offering financial intermediary services on social media platforms, and releasing inducing financial information in disregard of regulations, according to the administration.

The crackdown has also increased penalties against some unlicensed websites and accounts that engage in financial businesses, and required relevant platforms to strengthen the disclosure of information and risks, said the administration.

The authority warned that the illegal financial activities are carried out in diverse forms and are difficult to detect, incurring property losses to investors, particularly to small and medium-sized ones. It called on netizens to develop a correct understanding of investment and increase their risk awareness to avoid losses.