BEIJING — China has witnessed continued progress in reining in risks related to internet finance and online lending, authorities said.

As of March 31, the number of peer-to-peer (P2P) online lending platforms stood at 139, down 86 percent from early 2019, with P2P loan balance and the number of participants decreasing for 21 consecutive months, said a teleconference attended by the country's leading groups on the governance of internet finance and online lending.

Nearly 5,000 platforms have exited the market since the country tightened regulations on online lending in recent years, said the meeting.

As part of the efforts to prevent and defuse major financial risks, China is working to eliminate existing risks and close loopholes in internet finance while establishing a regulation system tailored to the sector.

The meeting urged continued efforts to defuse existing risks and tighten oversight on new risks, including virtual currency speculation and internet fund management, to fulfill major targets by the end of this year.