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Opinion

Collapse of China's disgraced P2P sector offers important lessons

Online platforms forced banks to improve offerings but model wasn't sustainable

| China
An annualized interest rate cap of 36% has been painful for all but the most well-capitalized platforms like New York-listed Qudian.   © Reuters

In just five years, online non-bank lending has gone from a cutting-edge investor favorite to disgrace, scandal and collapse.

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