China Implements New Regulations on Online Marketing of Financial Products
China has introduced new regulations for the online marketing of financial products, effective September 30. The rules prohibit non-financial institutions and unqualified individuals from promoting financial services through various online channels.
New regulations governing the online marketing of financial products in China took effect on September 30, jointly issued by the People's Bank of China and seven other government bodies.
The regulations specifically prohibit individuals and entities without proper qualifications from marketing financial products through channels such as official accounts, live streams, and short videos. This has led to the sudden disappearance of loan advertisements from social media platforms that previously promised quick approvals and low interest rates. "Loan brokers deleting social media posts" even trended as a top topic.
Marketing language such as "low threshold," "instant disbursement," and "low interest rates" is now forbidden. When promoting installment payment services, companies must disclose all costs, including total interest and annualized rates, rather than just partial information like "first payment as low as 9.9 yuan." Furthermore, individuals and organizations without financial qualifications are barred from using financial terms like "finance," "financing," or "loan" in their names.
Concerns were raised that services like "Huabei" and "Baitiao" (Alipay's credit services) and "Yuefu" (Meituan's installment service) might be removed from payment pages. However, platforms like Alipay and WeChat clarified that these credit products will be clearly distinguished from genuine payment tools like bank cards and digital wallets. For instance, Alipay now displays credit products in a separate section, explicitly labeling them as "credit."