The China Banking Regulatory Commission (CBRC) has started a nationwide campaign to eliminate financial advertisements which claims huge returns at no risk, according to Reuters.
The three-month ‘clean-up campaign’ would take aim at the huge number of advertisements in China for wealth management products, no-interest loans, real estate and many other ‘no-risk, high-return’ schemes from planting forests to breeding animals, according to the report.
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A commission statement said the campaign would "protect the legitimate interests of the masses" and "clean up the market environment".
Such advertisements, it said, would be eliminated, advertisers identified and their actions used to educate the people. Preventive policies would be put in place and offenders investigated.
Financial scams have multiplied in China as individual wealth grows, but a lack of financial knowledge and education means many people do not know how to protect their money.
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