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

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

Zhou Xin

Zhou Xin co-leads the political economy team at the Post. He mainly covers economic stories but also writes about Chinese politics and diplomacy. He has previously worked for Reuters and Bloomberg in Beijing.