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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Li Tao

Li Tao

Li Tao is a senior technology reporter, based in Shenzhen. He focuses on big enterprises including Alibaba, Huawei and ZTE, hardware makers, and smartphone brands such as Oppo, Vivo and Oneplus. He joined the Post in 2017 after working for more than seven years with China Daily in Hong Kong. He has masters degrees in both laws and journalism.