People walk on an overpass in Beijing, with the skyline of the Chinese capital’s Central Business District in the background. China’s 1.3 trillion yuan peer-to-peer lending market is undergoing a massive shakeout, with hundreds of lenders collapsing or exiting the business over the past two months, leaving consumers from all walks of life unable to withdraw their money. Photo: EPA

Chinese peer-to-peer pioneer defends industry after wave of defaults creates panic among investors

Topic |   Peer-2-Peer

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People walk on an overpass in Beijing, with the skyline of the Chinese capital’s Central Business District in the background. China’s 1.3 trillion yuan peer-to-peer lending market is undergoing a massive shakeout, with hundreds of lenders collapsing or exiting the business over the past two months, leaving consumers from all walks of life unable to withdraw their money. Photo: EPA
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