China’s tightening grip on its once fast-growing online lending sector is accelerating an industry shakeout, as regulators move to reshape the high-cost model that drove much of its expansion.
A regulatory push since late last year has capped borrowing costs, tightened oversight of banks’ partnerships with online lending platforms and restricted their access to credit reporting and payment services — forcing adjustments across a multitrillion-yuan market that has operated under uneven regulation.
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