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Business trends

China's peer-to-peer lenders fight for survival

Government clampdown on credit cools once-hot business

SHANGHAI -- China's peer-to-peer lenders face a Darwinian struggle for survival in 2019 with the number of operators expected to plunge dramatically for a second consecutive year amid the government's continuing crackdown on these private online financial services providers.

Beijing's efforts to rein in excess debt and tighter compliance have led to the closure or collapse of hundreds of P2P lenders. In 2018 the number of lenders dropped by 52% to just over 1,000, with a 20% fall in their combined lending balance.

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