China’s Supreme Court says the legal interest rate ceiling on private loans will be slashed to reduce financing costs. Photo: ReutersChina’s Supreme Court says the legal interest rate ceiling on private loans will be slashed to reduce financing costs. Photo: Reuters
China’s Supreme Court says the legal interest rate ceiling on private loans will be slashed to reduce financing costs. Photo: Reuters

China to slash private lending rate cap from 24 per cent in effort to tackle ‘usurious loans’

  • China’s Supreme Court and top economic planning agency say the interest rate ceiling protected by law will be slashed to crack down on ‘usurious loans’
  • The new ruling could deal a heavy blow to China’s private lending market, analysts say, and may not have the desired result in reduced costs for small businesses

Topic |   China economy
China’s Supreme Court says the legal interest rate ceiling on private loans will be slashed to reduce financing costs. Photo: ReutersChina’s Supreme Court says the legal interest rate ceiling on private loans will be slashed to reduce financing costs. Photo: Reuters
China’s Supreme Court says the legal interest rate ceiling on private loans will be slashed to reduce financing costs. Photo: Reuters
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