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China P2P lending market booms in 1st half

CHINA’S peer-to-peer lending continued to thrive in the first half despite a number of collapses of online platforms last year.

There were 1,184 registered P2P lending platforms by the end of June on China’s mainland, which had a total transaction amount of 81.8 billion yuan (US$13.3 billion), according to, a Shanghai-based P2P lending company.

There's no official data about the market because there's no regulatory body for the industry at the moment. Twenty companies went bankrupt in 2012, and 70 platforms closed in 2013, according to ZeroOne Data.

The China Banking Regulatory Commission is expected to announce new rules for the sector soon, which may eliminate a number of firms.

P2P lending platforms bypass banks and match borrowers and lenders directly in small loans ranging from few thousand yuan to 1 million yuan.

However nonobank said the transaction amount of the entire industry is expected to surge to 202 billion yuan by the end of this year, while more than 300 new P2P lending companies entering the industry during the second half.


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