China approves sweeping plan to clean up online finance industry: sources

China's government has approved a sweeping plan to clean up the country's online financial sector, according to sources with direct knowledge of the matter, including rules to limit the activities of P2P lending firms, the source of recent fraud scandals. The government plan, which was drafted by China's central bank, follows a mid-April videoconference with 14 ministries and regulators organized by the State Council, the country's cabinet, which approved the plan document seen by the sources. I