BEIJING, June 25 (Xinhua) -- Legislators have called for support for the burgeoning Internet finance industry and better management of it.

Internet finance is an innovative sector which offers common people universal access to investment channels, Lai Xiaomin, a deputy to the National People's Congress (NPC), said on Wednesday at a panel discussion at the top legislature's ongoing bi-monthly session.

Legislators discussed a report on strengthening the regulation of financial sectors and preventing financial risks.

People, whether well-educated white collar workers or retired grandpas and grandmas, have raced into Internet finance tools like Yu'ebao, Lai said.

Yu'ebao, or leftover treasure, is a hit online deposit service launched by Internet giant Alibaba's online payment arm Alipay in June 2013. It enables Alipay users to channel spare money to money market funds with high returns and almost zero threshold.

The service has attracted 81 million users, with aggregate deposits estimated at around 500 billion yuan (81 billion U.S. dollars) in the first eight months of its operation.

People have the right to freely deal with their properties and their rights should be respected, according to NPC Standing Committee member Wu Xiaoling.

"The booming Internet financial business reflects market needs and will break a long-term paradox that the public find nowhere to invest their spare money, while small companies find nowhere to raise money," Wu said.

But Lai warned that in the long run Internet finance and other virtual economic activities may become a source of financial risks if not well regulated.