Recent crackdowns on China’s online lending industry have caused some unrest in Beijing today, where planned gatherings by victims who were trying to draw attention to their misfortune were immediately shut down by authorities. Go for it,” Zhang said, referring to the public mood.
But in 2020, Chinese sentiments towards Trump – and the US in general – have shifted. China Telecom Bestpay Plans to Launch Fintech Subsidiary, Sees Annual Transactions Approach 2 Trillion Yuan, Greater Bay Area Turns to ABCD’s of Fintech to Integrate Regional Port Operations. supportive to the growth of the P2P industry, we need to have a stronger We have not been able to verify if these videos were indeed recorded today, we just know that the people posting them on WeChat/YouTube claim they are). The reason is simple: The scam-ridden P2P lending segment robbed hundreds of thousands of retail investors of their life savings. (Note: to understand more about the rise and fall of China’s online P2P lending, read this insightful overview by Jiefei Liu at Technode. Despite the fact that views on Trump have shifted throughout the years, the discussions on Weibo and other platforms are still multifaceted when it comes to the American president. But it needs to do more to create a safe and reliable industry for Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The collapse of peer-to-peer lenders in China has prompted public protests. Peer-to-peer (P2P) lending (defined as “a method of debt financing that enables individuals to borrow and lend money without the use of an official financial institution as an intermediary“) has experienced unprecedented growth in China over the last 10 years; hundreds of microloan lenders have sprouted up, in place of traditional state-owned banks, to provide funding and capital to everything from companies to individuals. We called the police but there is no help. Lamu’s sister thanked Chinese netizens for their support. “Women who are victims of domestic violence should not have only two destinies,” the blogger writes: “..either being beaten to death or struggling to kill.”. China has started shutting down the popular internet finance platform P2P (peer-to-peer lending) since 2018. It collapsed owing 5 billion yuan to 110,000 investors, with ring leader Wang Li sentenced to life in prison, and three other executives given jail terms of up to 14 years. On August 2, TechNode already reported about responses to the crackdown, with people protesting in front of police stations, organizing online investor rights groups, and making collective efforts to pressure authorities to get their money back. Most notably was Ezubo, a ponzi scheme disguised as a peer-to-peer lender, which allegedly defrauded more than 900,000 people. The P2P lending industry in China has virtually disappeared, with just 15 lending platforms in operation at the end of August, a drop of 99.5 per cent from 2,835 two years ago, with tens of millions of Chinese investors losing their savings in the process, according to the China Banking and Insurance Regulatory Commission. Especially because, according to a 2015 case study by the Associate of Chartered Certified Accountants (ACCA), only 9.6% of Chinese people are able to get proper bank loans. Since China’s mushrooming online lending companies were largely unregulated before, the rise of P2P in China has also given way to a great number of ‘troubled’ companies and lending scams. P2P lending offers Indonesian SMEs valuable access to credit. China has an online lending crisis and people are furious about it. think P2P lending companies need to worry about regulation. Philippine military will monitor Islamic schools to counter violent extremism: Will it work? Please let us know in comments below or email us. How big is China's debt, who owns it and what is next? The focus in recent years has been on facilitating the growth of P2P lending in Indonesia, with minimal regulatory pressure. These kinds of online discussions on domestic violence have risen before, but the voices have rarely been as loud as they are now. (..) No matter who comes to power in the future, there is a high probability that they will continue to suppress China.”, The author further suggests that there might be “a difference in style” between Trump and Biden regarding China policies: “If Trump wins, we’ll see more of what we have already been seeing now, without much international support. Shadow banking back in vogue in China as assets grow for the first time since 2017, China’s P2P ‘financial refugees’ face never ending wait to recover lost US$120 billion. All rights reserved. and P2P lending to step into. Indonesia’s digital economy: Digital trade and cross-border data flows in a post-COVID world. ©2018 Whatsonweibo. Do not reproduce our content without permission – you can contact us at firstname.lastname@example.org. Copyright © 2020 What's on Weibo. Also, Biden is probably more concerned about human rights and democratic values than Trump is.”, There are many Chinese web users who, for this reason alone, would rather see Trump win than Biden – it’s the ‘Build the Country Trump’ kind of reasoning. Southeast Asian leaders welcome Biden win with optimism, Myanmar’s ethnic political parties face uphill battle in push for democracy.
Tang X. has since been detained while the case is under investigation. Debt collection data by lenders is also a particularly odious practice employed by lenders in Micro-loan companies in China shall not be permitted to provide loans on behalf of institutions that are not qualified for lending operations, and the contribution of micro-loan companies to a single joint loan must not be less than 30%. Go for it. The 30-year-old lived in the Guanyinqiao town of Jinchuan County, at the edge of the Qinghai-Tibet Plateau. There were also those saying that Trump was not the ideal candidate, but just that Hillary Clinton was much worse. There were massive Ponzi schemes. “The Chinese public are naive. There are close to 300 million individual consumers and 60 The law also does not include violence against former spouses or partners who do not live together. Subscribe to China Banking News for free updates, Digital Renminbi in Use at over 6,700 Pilot Sites around China for 1.1 Billion Yuan in Transactions. In general, the UK struggling to conclude Canada trade deal, says Justin Trudeau, Surge in Covid cases tests Sweden’s go-it-alone approach, Fauci predicts positive data from second Covid-19 vaccine soon, Ackman places new bet against corporate credit, Donald Trump’s dangerous election reversal game, ‘The great 2020 money grab’: Muddy Waters unloads on Spacs, Pfizer chief sold $5.6m of shares as investors hailed vaccine, EU to buy up to 300m doses of BioNTech-Pfizer’s Covid vaccine, Oil producers have more than a pandemic to worry about, Scandals rock South Korea’s booming hedge fund industry, China tech stocks tumble after regulators step up antitrust pressure, New York’s hotel crisis puts pressure on $4bn mortgage bond sector, Joe Biden’s victory proves that anger is an enemy for Keir Starmer, China’s ‘recolonisation’ of Hong Kong could soon be complete, How social media is opening a new generation gap, The curse of the premature Nobel Peace Prize. ( Note: to understand more about the rise and fall of China’s online P2P lending, read this insightful overview by Jiefei Liu at Technode.
“In the old days, everyone was talking about mass entrepreneurship and innovation. Since China’s mushrooming online lending companies were largely unregulated before, the rise of P2P in China has also given way to a great number of ‘troubled’ companies and lending scams. The number of people borrowing money from P2P … One popular Weibo user, a screenwriter from Beijing with approximately 240,000 followers, argues that the intervention of authorities in domestic abuse cases is sometimes literally a matter of life and death. “A new broom sweeps clean,” was a recurring comment at the time. Apple MacBooks And Mac Mini (2020): Are They Worth It? The Democratic presidential nominee is praised by some for being “mild,” “scholarly” and “refined”, but others criticize him for using a lot of “empty words” and “talking in cliches.”, Some netizens support Biden merely for being “the enemy of an enemy.”, “Trump’s pragmatic and business-like style is very convincing,” one blogger from Beijing wrote about the second presidential debate: “I think he did better than Joe Biden, who is all about talk and no action (..) I hope Trump wins.”, In a recent lengthy WeChat blog about the US elections posted by state tabloid account Global Times, the author claims that when it comes to China, it actually does not really matter who wins the elections: “Regardless if it’s the Democrats or the Republicans, both hold a negative stance when it comes to the China issue. But local authorities and security guards have been quick to shut down protests, allegedly even barring some travelers from entering the city. “I do not We counted 120+ buses at site of the (failed) protest against P2P lending fraud, stretching far as the eye can see – all the way to Diaoyutai. “P2P firms have no leverage ratios to speak of. When news came out in October this year that President Trump and his wife Melania tested positive for COVID-19, it immediately became top trending all over Chinese social media. Fugitive Buddhist extremist monk surrenders to Myanmar authorities days before election, Extreme weather highlights Southeast Asia’s vulnerability to climate change, Myanmar’s election woes: Controversies, COVID-19 hurt chances for reform, Indonesia says military will develop millions of hectares for national agriculture push, The impending dangers of religious war in Indonesia, Islamic State in Asia: “Biggest danger” is to Malaysia and Indonesia, Babies for sale: ASEAN’s insidious underground baby market, The cost of consumerism: Indonesian forest fires linked to global brands, AI-based compliance systems to play key role in ASEAN’s fight against money laundering, Upstart fintech company looks to strengthen female entrepreneurship in ASEAN.