Financials

PBoC to Add P2P Defaulter Data to Its Credit System

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Chengkai (Kyle) Ruan

Published at 2018-08-10 07:37

Summary

The PBoC and other Chinese regulatory bodies plan to add P2P defaulter information to its credit system to crack down on borrowers who try to escape their financial obligations, according to Yicai Global on August 9. According to a document sent to provincial governments, local financial authorities have been ordered to provide details regarding P2P debtors in their jurisdiction who maliciously abandoned debts between July 1 and August 8 this year.

Analysis

PBoC’s order comes as China continues to tighten the credit environment and strengthen regulations on P2P platforms. As P2P borrowers failed to raise enough money due to the rising cost of capital, man

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Chengkai (Kyle) Ruan
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