P2P risk crackdown nears completion

Updated 2017-12-14 09:36:11 Global Times

Peer-to-peer (P2P) lending institutions will need to complete their filing and documentation processes with relevant agencies before June next year, according to a circular issued on Friday by a special authority set up to lead a campaign to reduce risks in the sector.

The move is seen as a final step in a 2-year-long crackdown to contain risks from Internet-based lending.

Dozens of people have been penalized this year due to P2P-related fraud across China, according to the Xinhua News Agency.

P2P lending has served as an Internet-based alternative for companies and individuals to borrow money.

As the P2P industry took off in recent years in China, it also created the opportunity for high-profile fraud, which prompted regulators to act fast.

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