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China ratings firm raises alarm over Internet loans

1,250 platforms or more may go bankrupt or run into difficulty

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Authorities should clarify the industry's role and make clear whether it can offer borrower guarantees, Yang Kaisheng, an adviser to the banking regulator and the former president of Industrial & Commercial Bank of China Ltd (ICBC), said at an annual consultancy body meeting on March 6.

Shanghai

SENIOR Chinese government advisers are calling for tighter supervision of peer-to-peer online lending after a ratings company warned 1,250 platforms or more may go bankrupt or run into difficulty.

Authorities should clarify the industry's role and make clear whether it can