China’s government has introduced new rules to crackdown on the country’s shadowy underground lending sector. Photo: Bloomberg

China criminalises loans with annual interest rates above 36 per cent in crackdown on private lending

  • China’s Supreme Court and police authority issue joint ruling that criminalises any lending rates higher than 36 per cent per year
  • The new ruling, which came into effect on Monday, could deal a heavy blow to China’s underground banking system
Topic |   China economy
China’s government has introduced new rules to crackdown on the country’s shadowy underground lending sector. Photo: Bloomberg
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