Starting September 30, China has implemented new regulations governing the online marketing of financial products. The rules, issued by the People's Bank of China and seven other departments, prohibit non-financial professionals from promoting financial services via social media accounts, live streams, or short videos.
The new policy bans misleading marketing language such as claims of low thresholds, instant approvals, or low interest rates. Advertisements for installment plans must now clearly disclose total interest and annual percentage rates, rather than focusing solely on low initial payments.
Entities and individuals lacking proper qualifications are now restricted from using 27 specific financial terms, including 'loan' or 'financing,' in the names of their websites, mobile applications, or social media accounts.
Platforms such as Alipay, WeChat, Meituan, and Douyin have clarified that credit products like Huabei and Baitiao will remain available. However, these services must now be displayed separately from payment tools like bank cards or digital wallets to ensure users can distinguish between personal funds and borrowed credit.
