China’s move to expel more than 2,000 investment companies from its opaque private fund market marks just the beginning of a big drive to rid the market of illegal funds, according to a former Chinese regulator.
China’s Securities Regulatory Commission last week embarked on a clean-up of the country’s private fund market amid concerns that the savings of tens of thousands of Chinese citizens could be exposed to fraud.
The CSRC said it had uncovered growing evidence of illegal fundraising and operations like Ponzi schemes in which no real investments are made.
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