transactions via China’s peer-to-peer (P2P) platforms reached 982.3
billion yuan (about 151 bln U.S. dollars) in 2015, up 288.6 percent from
252.8 billion yuan in 2014, an Internet financial services web portal
A draft regulation, released on Monday and open for public opinion until
Jan. 27, will impose 12 restrictions on P2P platforms, prohibiting them
from accepting public deposits, pooling investors’ money to fund their
own projects, or providing any kind of guarantee for lenders.
P2P lending, or lending done without a traditional financial
intermediary such as a bank, has grown quickly in China in the past few
years as investors seek higher returns than bank deposits, while small
businesses find it easier to secure funds through P2P platforms.