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Halifax police investigating Monday morning Dartmouth death as suspicious | SaltWire #newsupdateSHANGHAI/SINGAPORE - Four Chinese provinces and cities are shutting down their financial asset exchanges as part of efforts to crack down on illegal fundraising and rising risks in local government finances.
The loosely regulated exchanges had been set up over the years by local state-owned enterprises and were initially designed for local financial asset transactions. They have increasingly been used for sales of banned wealth management products and local government private debt in recent years. The shutting down of these exchanges also comes as China steps up the Communist Party's oversight of its $61 trillion finance industry and strengthens efforts to reduce local government debt and other financial risks.
In 2021, China launched a nationwide inspection of local financial asset exchanges, with a focus on their debt financing activities, after some platforms were found to be illegally facilitating financing for property developers.
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