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China cracks down on online micro-lending firms with new rules

Reuters  |  BEIJING 

BEIJING (Reuters) - China's financial regulators on Friday circulated new rules to local governments targeting fast-growing online micro-lenders, part of a campaign to rein in a rapidly developing financial sector. Under the new rules, unlicensed organizations and individuals are not allowed to conduct a lending business, according to the notice. Lending institutions are also not allowed to give loans to borrowers who have no source of income or to mislead consumers into over-borrowing, according to the notice.The rules were devised by a multi-ministry body, tasked by the central government ...

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First Published: Sat, December 02 2017. 10:24 IST