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China ramps up oversight of P2P lending

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Chinese regulators have intensified oversight of the scandal-ridden peer-to-peer (P2P) lending industry in an effort to combat fraud and control risks.

They required P2P platforms to submit information on their borrowers to credit reference agencies and vowed a tougher crackdown on debt dodgers and defaulters, according to a joint statement this week from two government groups in charge of risk control in internet financing.

Banks and insurance companies are urged to raise lending rates and insurance premiums . . .

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