The local government of Sichuan province in southwestern China has decided to ban all peer-to-peer (P2P) lenders, becoming the fourth region to take the most radical action against the sector after Shandong province, Hunan province and Chongqing city.
None of the P2P lending companies operating in the province complied with regulations and passed their scrutiny, according to a statement released by the local financial administration on Wednesday.
“P2P business operated by other types . . .
To continue reading, please subscribe. You will get
- IN-DEPTH & DATA-DRIVEN reporting about key trends in China's economy and financial markets
- THE WIRE - up-to-the-minute updates of market-moving news and views. We want you to be the first to know it when something important happens.
- DETAILS - We bring you details that you won't find elsewhere. General information is everywhere, but information with details and relevant to your investment is rare.
We highly value independence. We are solely funded by subscriptions from intelligent readers like you.
Already have an account? Sign In