More than half of all companies have been pruned from the peer-to-peer (P2P) lending market after regulators introduced tougher rules aiming to curb illegal and risky lending practices.
The tightened regulations over the past three years, including introducing a new trial registration program that will require platforms to register on a monitoring system, has not only led to the collapse of many smaller platforms but larger players are feeling the pressure as well.
However, despite the country’s on-going efforts to clamp down on illegal lenders, predatory lending platforms that haunted Chinese school campuses in 2016 have resurfaced.
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