Spectacular Rise And Thundering Fall Of China’s Wild-West Peer-To-Peer Lending Industry

China’s peer-to-peer lending industry, once a world-beater, is on its last legs. Entrepreneurs had hoped to fill a gap in the Chinese financial system ignored by state-backed banks. Thousands of peer lenders flourished, gathering funds from small investors and extending credit to family restaurants, parents with tuition bills to pay and other small borrowers. Several […]

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