Beijing summons 13 major online financial companies, asks them to strengthen compliance with regulations

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China's top financial regulators on Thursday summoned 13 major internet platforms engaged in online finance business, requiring them to strengthen compliance with regulations, according to a statement released by the People's Bank of China (PBOC).

The move by four top financial regulators including the PBOC, the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchanges (SAFE), is part of broader efforts by Beijing to rein in the country's massive internet "platform economy."

It marks the latest development in a broad push . . .

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