China launches campaign against misleading financial ads

Aimed specifically against wealth management products.

China yesterday launched a nationwide campaign to eliminate advertisements for financial scams promising big returns at no risk.

The China Banking Regulatory Commission said the three-month "clean-up campaign" would take aim at the huge number of advertisements in China for WMPs, no-interest loans, real estate and many other "no-risk, high-return" schemes.

CBRC said the campaign would protect the legitimate interests of the masses and clean up the market environment.