China says will fend off internet finance risks

BEIJING (Reuters) - China’s state council committee said on Monday it would fend off financial risks in areas including online finance and listed firms’ stock collateral loans. In a post following a meeting held by the state cabinet’s Financial Stability and Development Commission (FSDC), the government said it will speed up the development of a long-term supervision mechanism for internet finance, adding that risks in internet lending are controllable overall. The FSDC also said China will improve the quality of listed companies, reform stock issuance system, and broaden long-term and stable funding sources for the country’s capital markets.