China：$115.2 billion Unpaid to Investors in P2P：Guo Shuqing (CBIRC)
Posted on 08/14/2020
Guo Shuqing ：
is the head of the China Banking and Insurance Regulatory Commission (CBIRC).
(P2P) online lending platforms：
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.
Chinese online lender Lufax：
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.
3.4 trillion yuan worth of non-performing loans：
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.
SWFI
China’s top bank regulator sees surge of bad loans straining financial system in 2020, 2021 | South China Morning Post
P2P investors in China face £88bn in losses from failed platforms | Peer2Peer Finance News