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|BEIJING Royals Ian Kennedy Jersey , Jan. 23 (Xinhua) -- Chinese authorities will launch a campaign to regulate Internet finance, which is growing rapidly but threatens social stability due to illegal activity.
Departments of political and legal work at all levels will work with banking regulatory authorities to establish a monitoring and warning system against financial risks and enhance information sharing among different regions and departments, according to a statement released at the central conference on political and legal work held Friday to Saturday in Beijing.
Internet finance refers to loans, investments and other financial services through online channels rather than banks and other traditional financial institutions.
Growing Internet finance industry has helped reduce trade costs and made investment easier. But risks have surged as some people have been discovered to be raising funds illegally. These crimes, involving many people and a large amount in assets, may cause social risks.
Authorities will crack down on illegal activities while protecting the legitimate rights of citizens and enterprises and mitigating investor losses. They will also educate the public on risks, according to the statement.
Police are investigating the Beijing-based E-Zubao Royals George Brett Jersey , a large online financing platform, and associated companies for suspected illegal activities, authorities said.
China has seen increased online fraud, particularly in peer-to-peer lending, in the past year, according to a report published by online security company Liewang, whose name translates to "Web Hunt."
The company handled 24 Royals Frank White Jersey ,886 reports of online fraud in 2015, up 7.96 percent from last year. The claims were worth a total of 127 million yuan (19 million U.S. dollars). Per capita claims were 5,106 yuan, about 1.5 times the number in 2014, it said.
Statistics show China has about 2,595 P2P platforms across the country, an increase of 1 Royals Eric Hosmer Jersey ,020 compared with the 2014 figure.
SHORT-TERM rental firm Xiaozhu has raised US$120 million in a funding round led by Jack Ma’s Yunfeng Capital, boosting the firm’s financial muscle as it looks to compete with local rival Tujia and U.S. giant Airbnb.
China’s largest house-sharing platform said in a statement yesterday that the fundraising meant it was now a “unicorn startup,” implying a valuation of over US$1 billion. Airbnb was valued at US$30 billion in a fundraising round last year.
China’s fast-growing middle class is driving a boom in domestic tourism, with younger millennials increasingly looking for alternative options to the traditional tour group vacations of their parents’ generation.
Xiaozhu, however, said the Chinese market was not easy to crack, especially for international firms.
“Only local companies with a sense of mission and commitment to the domestic market can stand a chance in gaining leadership in the Chinese market Royals Danny Duffy Jersey ,” Chen Chi, Xiaozhu’s chief executive and co-founder, said in a statement.
Airbnb, which said earlier this year it was looking to expand its presence in the market, denied in April a Chinese media report saying it was in talks with Xiaozhu to work together in markets such as Japan and South Korea.
Xiaozhu has listings in over 400 locations globally and raised US$65 million last November. Existing investors include Joy Capital, Morningside Ventures and Capital Today.
Yunfeng said Xiaozhu had learnt from Airbnb and that the investment round would help accelerate its growth.
“Going off Airbnb’s business model, Xiaozhu has developed a proven successful model for house sharing to develop in China. Yunfeng Capital is looking forward to witnessing and helping Xiaozhu to grow rapidly Royals Brandon Moss Jersey ,” Yunfeng managing director Li Na said.(SD-Agencies)
LOS ANGELES, Aug. 8 (Xinhua) -- Marcus Hutchins, a young British computer researcher who helped shut down the WannaCry ransomware attack in May, still remained in custody in Nevada, as his supporters try to raise funds to bail him out.
The hacker community, cybersecurity researchers, and other supporters so far have raised more than 12 Royals Bo Jackson Jersey ,000 U.S. dollars for Hutchins, who was arrested in Las Vegas, Nevada.
The judge at Las Vegas court ruled on Friday that Hutchins could be released on a 30,000 U.S. dollar bail, saying the defendant wasn't a danger to the community nor a flight risk, though the judge ordered him to remain in the United States with GPS monitoring.
However, the 23-year-old British cybersecurity researcher was unable to pay the 30 Royals Alex Gordon Jersey ,000 U.S. dollar bail and was still being held Monday at a lockup in Nevada, a day before he's due to face charges in federal court in Milwaukee, Wisconsin, according to Business Insider.
Hutchins remains at the Southern Nevada Detention Center, about 100 km outside Las Vegas, local media cited Kayla Gieni, a spokeswoman of the facility Royals Alcides Escobar Jersey , as saying.
""Unfortunately their desk closed at 4 p.m. on Friday so it wasn't possible in the short 30 minute window,"" Andrew Mabbitt, Hutchins' friend and founder of a cyber security company Fidus Security, tweeted on Monday.
Mabbitt and security researcher and hacker Tarah Wheeler have set up a funding page to pay for his defence, and Wheeler tweeted that donors had contributed more than 12,000 U.S. dollars.
The computer expert is scheduled to appear Tuesday morning in federal court in Milwaukee on six counts of hacking-related charges from the U.S.Department of Justice, including conspiracy to commit computer fraud in 2014 and 2015.
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