Liu Jiayi, the auditor general at China's National Audit Office, has disclosed to local media that three state-owned banks — Industrial and Commercial Bank of China, Bank of China, and China Construction Bank — had all been involved in irregularities during the recent shareholding reforms and these have involved a total of about CNY6 billion.

Chinese e-commerce provider Alibaba has announced an initiative to launch an online platform to help small and medium enterprises in China solve their difficulties in receiving financing.

Chinese Internet trading website Alibaba.com and China Construction Bank have jointly launched a low-interest loan service for medium and small Chinese companies.

Chinese Internet auction users have a new service to help protect them from fraud as Alipay, China's largest independent and third-party payment platform, has announced the launch of a seller credit program in cooperation with China Construction Bank.