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China Is Said to Start Fresh Round of Checks on P2P Lenders

  • Checks aimed at guiding some P2P lenders to exit: document
  • At least 223 P2P platforms failed last month: Yingcan data
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China has started a new round of checks on thousands of peer-to-peer lending sites, according to a document obtained by Bloomberg News, as authorities continue their efforts to clean up the industry.

Regulators are trying to steadily resolve risks by guiding some firms to exit the business, according to the Aug. 13 document issued by the Internet Lending Financial Risk Management Working Leadership Group and co-signed by the China Banking and Insurance Regulatory Commission. The checks, which include self-review by P2P firms as well as inspections by local financial regulators, must be completed by the end of the year, the document said.