Chinese authorities will launch a campaign to regulate Internet finance, which is growing

Chinese authorities will launch a campaign to regulate Internet finance, which is growing rapidly but threatens social stability due to illegal activities. Departments of political and legal work at all levels will work with banking regulatory authorities to establish a monitoring and warning system against financial risks and enhance information sharing among different regions and departments, according to a statement released at the central conference on political and legal work held in Beijing in January 2016.

Internet finance refers to loans, investments and other financial services through online channels rather than banks and other traditional financial institutions. Growing Internet finance industry has helped reduce trade costs and made investments easier. But Internet finance has also brought about danger, and risks have surged as more people have been discovered to be raising funds illegally. These crimes, involving many people and a large amount in assets, may cause social risks.

Authorities will crack down on (put down) illegal activities while protecting the legitimate (legal) rights of citizens and enterprises and lessening investors’ losses. They will also educate the public on risks, according to the statement. Police are investigating the Beijing-based E-Zubao, a large online financial platform, and associated companies for suspected illegal activities.

China has seen rising online cheating, particularly in peer-to-peer lending, in the past year, according to a report published by online security company Liewang, whose name is translated into WEB HUNT.

The company handled 24,886 reports of online cheating in 2015, up 7.96 percent from last year. The claims were worth a total of 127 million yuan (19 million U.S. dollars). Each claim was 5,106 yuan, about 1.5 times the number in 2014.

32. From the passage we know that__________.

A. Regulations in Internet finance will be made in China.

B. It is impossible to avoid Internet financial risks.

C. Chinese authorities will ban Internet finance.

D. Traditional financial institutions are safer.

33. What does the underlined word “surged” in the second paragraph mean?

A. poured.                   B. appeared.  

C. increased.                 D. faded.

34. Why authorities will crack down on illegal activities in Internet finance?

A. Because Internet finance develops too quickly.

B. Because Internet finance reduces trade costs.

C. Because Internet finance makes investments easier.

D. Because there are many crimes in Internet finance.

35. What’s the main idea of the passage?

A. There are many cheating phenomena in Internet finance in China.

B. Police are investigating E-Zubao, a large online financial platform in China.

C. Authorities will take action to stop illegal online financial activities in China.

D. Illegal activities in Internet finance have to be banned in China.

ACDC