Securities Illustration: VCG

South China's Guangdong Province has vowed to outlaw illegal securities operation and strengthen monitoring of external capital allocation. 

Guangdong has pledged to crack down illegal security operators, clean up the illegal securities business, illegal securities investment consulting activities, according to an action plan released by the provincial government on Monday.

Websites, livestreaming platforms, WeChat public accounts that redirect to illegal securities business will be shut down.

The province will also strengthen monitoring on the external capital allocation, tighten the inspection on the legality of the source of securities investment funds and strictly control leverage ratios, according to the plan.

The crackdown on illegal security activities comes in lockstep with the eighth round of disciplinary inspection of financial institutions by the 19th CPC Central Committee announced on Sunday.

To promote the high-quality development of the industry, a new round of inspections will target Party committees across 25 financial institutions, including banks, stock exchanges, regulatory commissions, insurance companies, asset-management companies and other financial enterprises.