(Yicai Global) Dec. 13 -- China has approved the country's first real-time monitoring system for the online finance sector, as part of the recent crackdown on risks related to the peer to peer lending.

The National Development and Reform Commission, China's top macroeconomic planner, has given the go-ahead for the platform's rollout following a pilot scheme that started in August last year.

Developed by the National Internet Emergency Center, the trial system had assessed 44,182 internet finance websites covering CNY6.49 trillion (USD980.3 billion) in P2P lending as of the end of November, identifying 1,183 online vulnerabilities, 46,000 counterfeit portals, as well as 1.35 million related cyberattacks, online news outlet China Finance reported.

China's internet loan sector has developed rapidly in recent years and the government has recently introduced stricter regulations to reduce associated risks. The country instructed local governments to conduct inspections of all microloan firms, which will result in some closing. Internet finance regulators confirmed last month that it would stop issuing licenses to firms in the sector.