CBIRC Head Says 800 Billion Yuan Unpaid to Investors in P2P Lenders
Posted on 08/14/2020
Guo Shuqing is the head of the China Banking and Insurance Regulatory Commission (CBIRC). Guo Shuqing informed to the public that China’s peer-to-peer (P2P) online lending platforms still have more than 800 billion yuan ($115.2 billion) unpaid to investors. He also said the number of P2P online lending platform shrunk from a zenith of 6,000 to just 29 across China.
On another note, Chinese online lender Lufax is aiming for an initial public offering in the United States. Lufax is 43% owned by Ping An Insurance.
Guo Shuqing also said China’s banks are dealing with 3.4 trillion yuan worth of non-performing loans in 2020, which is an increase from 2.3 trillion yuan in 2019. The CBIRC expects bad loans to be even higher in 2021.
