Living
Broke and In Debt, China's Gen Z Adjusts to Life Without Easy Credit
- Few places for indebted students to turn as services shuttered
- Online loan curbs part of wider government fintech crackdown
This article is for subscribers only.
China’s 36 million university students are starting to learn what it’s like to live without easy credit.
Last month authorities effectively shuttered student access to the once ubiquitous online loan industry, a sprawling collection of apps, fintechs and other unregulated lenders. Internet platforms were told to stop offering online loans to students and unwind existing credit. Banks will need to seek regulatory approval before promoting such loans on campus.