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Sina: Debt crackdown batters Chinese micro-lenders

Last week China’s financial regulators introduced new measures aimed at restricting the micro-lending industry, which is currently estimated to be worth one trillion yuan (US$151.5 billion). The number of borrowers taking out cash loans from micro-lenders is growing at an unprecedented rate and the number of repeat borrowers is rising. According to a study by the Cambridge Centre for Alternative Finance at Cambridge Judge Business School, online consumer lending in China accounted for more than 85 per cent of all such activity globally in 2016.

Read the full article [english.sina.com]