Caixin Global – Latest China News & Headlines

Home >


CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

China Launches EV Safety Inspection After Tesla and Nio Fires
Bank of East Asia to Increase Mainland Capital After Profit Warning
TikTok Owner ByteDance Hits 1 Billion Users
U.S. Tech Giants Say Proposed Additional Tariffs on Chinese Laptops Harm National Interests
Baidu Suspends Operation of Travel Platform
Apple Asking Suppliers to Weigh Moving 15%-30% of Capacity From China: Nikkei
Is China’s Tesla Wannabe Going Downhill
Xiaomi Eyes $725 Million Expansion to Stave Off Huawei in China
Suzhou HYC to Start Subscription for New-Board IPO June 27
Head of Hebei Government Newspaper Under Investigation
Tencent Reshuffles Leadership of Fintech Business
Local Government Crackdowns on Some ‘Foreign’ or ‘Feudal’ Place Names Draws Debate
Chinese E-Commerce Players Boast Record Sales During Mid-Year Shopping Festival
'Three-Body Problem' TV Series in the Works
Xiaomi to Invest 5 Billion Yuan in Retail Channels
TikTok Owner ByteDance Hits 1 Billion Users
PBOC Again Moves Against Yuan Shorters With Hong Kong Bill Issuance
Growing Parade of China Tech ‘Losers’ Line Up for New York Listings
China's Got More Competition Now as Info-Tech Exporter to the U.S.
Xpeng Makes 10,000th Car Amid Plans for New Fundraising Round
Debt-Saddled China Railway Restructures in Line With State Sector Reform Push
Company Dismisses Own Swine Fever Vaccine Claim as ‘Typo’
Warning System Gives Heads-Up on Monday’s Deadly Sichuan Earthquake
How to Find Illegal Lenders? Watch Who’s Taking Cases to the Courts

By Wu Yujian and Liu Jiefei / May 23, 2019 02:05 PM / Politics & Law

Jiangsu Higher People’s Court

Jiangsu Higher People’s Court

Authorities in China have come up with a novel way of detecting illegal lending: note who’s commonly suing others for not paying back loans.

The Higher People’s Court in Eastern China’s Jiangsu province said that lenders who have been plaintiffs in five or more such cases in the province within a year will be put on a watch list. Such high volume implies they may be running a lending business, which requires a license.

China has been cracking down on illegal lending, which often involves punitively high interest rates, as part of a broader effort to rein in the country’s shadow banking sector, a key driver of financial risk.

If those on the list are confirmed to be operating an illegal business, the lending contracts involved in the case will be annulled, and the borrowers will have to pay back only the principal plus a base interest rate, the statement said.

The list will not be released to the public, the court said, but will be shared with local public prosecutors, public security bureaus, and financial regulators.

Related: 'Missiles' Are Shooting Trouble Into China’s Underground Lending Market

Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.