A businessman looks at his smartphone as he walks in the financial area of Pudong in Shanghai. As part of a broader crackdown on shadow banking, Chinese leaders are shrinking the peer-to-peer online lending market that spawned the nation’s biggest Ponzi scheme, protests in major cities and life-altering losses for thousands of savers. Photo: Reuters

China’s online lending crackdown may see 70 per cent of businesses close

  • Yidai, with about 32,000 lenders, is the latest to close shop after ‘months’ of losses
  • Authorities plan to wind down small P2P lending platforms as part of measures against shadow banking
Topic |   China technology

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A businessman looks at his smartphone as he walks in the financial area of Pudong in Shanghai. As part of a broader crackdown on shadow banking, Chinese leaders are shrinking the peer-to-peer online lending market that spawned the nation’s biggest Ponzi scheme, protests in major cities and life-altering losses for thousands of savers. Photo: Reuters
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