Sunny Huang: Why did the Peer-to-peer Lending Market Fail in China?
Автор: HKUST Institute for Emerging Market Studies (IEMS)
Загружено: 2022-01-03
Просмотров: 1065
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The peer-to-peer (P2P) lending market was once a role model for Fintech development in China. The market reached its peak in 2017 with more than 5,000 platforms and a trading volume of CNY 2.8 trillion. However, after several waves of fraud and platform failure, the market completely collapsed in November 2020 without a single platform surviving. Several regulatory attempts such as providing credible information disclosure channels proved unable to stop the vicious cycle of platforms failing and lenders losing confidence. We argue that the limited regulatory capacity and the intense competition together caused the failure of China's P2P lending market because P2P platforms were attracted to offer principal guarantee terms and expose to large financial risks.
Yangguang (Sunny) Huang is Assistant Professor of Economics at the Hong Kong University of Science and Technology.
In this clip the speaker was unintentionally muted until 2:53. We are sorry for the inconvenience caused.
Find out more about this mixed-mode seminar on 2 December 2021 at https://iems.ust.hk/events/academic-s...
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