China ratings firm raises alarm over Internet loans
1,250 platforms or more may go bankrupt or run into difficulty
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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 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.
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