Oversight of online lending
China will accelerate the process for the inclusion of credit information about online lending in its credit reference system to improve the institutions of joint punishment for dishonest borrowers, a regulatory official said. By the end of August, more than 200 online lending platforms had been connected to systems of the Credit Reference Center of the People's Bank of China, the central bank, and Baihang Credit, China's first licensed personal credit agency, said Feng Yan, deputy director of the China Banking and Insurance Regulatory Commission's Financial Inclusion Department, on Monday.
The CBIRC has made remarkable achievements through special rectification of risks associated with internet finance.
The number of online lending platforms still operating was 15 at the end of August, down 99 percent from the beginning of 2019.
During the same period, the outstanding balance of this type of loans fell 84 percent, while the number of lenders declined 88 percent and the number of borrowers went down 73 percent, Feng said.