Shuli Ren, Columnist

China's Weapons of Wealth Destruction

Online payday loans won’t be eradicated as long as demand is sustained by the shadow-banking crackdown.

March 23, 2019 at 12:00 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

A clampdown on shadow banking has pushed borrowers into the online undergrowth.
Photographer: Qilai Shen/Bloomberg

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Once the genie’s out of the bottle, it’s impossible to put back in.

China has discovered predatory online cash loans, and even an appearance on the state broadcaster’s annual consumer rights program is unlikely to eradicate the practice.