CRI听力:China to Tighten Oversight of P2P Lending
China's financial regulators are working on new rules connected to this country's peer-to-peer lending industry.
The China Banking Regulatory Commission is planning to require lenders to have at least 30-million yuan in assets as one of the requirements for market access to the P2P system.
There have been concerns over the rising risk of defaults among the P2P lending platforms.
The P2P market allows individuals to borrow money from other individuals without going through banks.
Online Lending House, a website that tracks the sector, is reporting 2 out of 5 P2P platforms which have been operating in China are frauds.
275 others have either defaulted or are having difficulty accessing funding.
For more on China's peer-to-peer lending industry, we're now joined live by CRI's Financial Commentator Cao Can.
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