Comment on China Seizes $1.5 Billion in a Sweeping Crackdown on Online Lenders

China Seizes $1.5 Billion in a Sweeping Crackdown on Online Lenders

(BEIJING) — Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs and households that aren’t served by the state-run banking system.

 

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