Shenzhen Targets Risk in Relation to Local P2P Lending Platforms

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The Shenzhen municipal authorities are stepping up their crackdown on risk in relation to P2P lending platforms.

On 31 October the Shenzhen Municipal Internet Information Office (深圳市互联网信息办公室) announced via its official WeChat account that it would establish a municipal P2P loan risk response team as well as an online finance risk disposal work team, to formulate plans, push for the implementation of responsibilities and ensure that all districts perform rectification and risk disposal work.

Shenzhen will also implement cross-departmental coordination mechanisms to push for the disposal of risk at 431 P2P lending platforms within the municipality, and clarify the responsibilities of 59 key P2P lending platforms with respect to risk controls and risk disposal.

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