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Politics

China tries to bring order to sprawling online finance sector

Promises of high returns lure ordinary savers who have few good investment options

Though some Chinese online finance platforms promise returns that seem too good to be true, they nevertheless draw yield-hungry savers.   © Reuters

SHANGHAI -- China's 1.2 trillion yuan ($189 billion) internet finance industry has reached a turning point as regulators tighten regulations after one too many cases of bankruptcy and fraud.

Some analysts are predicting a shakeout in the sector, which has already seen notable scandals such as that of Qbao.com.

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