Caixin reports the government will tighten rules covering advertising for Internet finance products as China aims to rein in fraud in the sector. The central government said in a document sent to various officials on April 13 that it is banning nine types of content in Internet finance companies’ ads. The guidelines aim to address risks created by the growing Internet finance industry. Around 4,000 peer-to-peer lending websites have been established since 2011, and about 38% of them have defaulted on payments to investors, according to data from Wdzj.com, a P2P lending industry information provider.
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