Internet finance set for new rules

The China Securities Regulatory Commission and other regulators will formulate regulations on Internet finance to promote the sound development of the sector, a CSRC spokesman said on Friday.

The other regulators are the People's Bank of China, China Banking Regulatory Commission and China Insurance Regulatory Commission.

"We support the development of Internet finance because it can take advantage of advanced information technology to improve the quality and efficiency of financial services," said Zhang Xiaojun.