China News Agency, Beijing, April 24 (Reporter Wang Enbo) A reporter learned from Chinese officials on the 24th that the Mutual Gold Remediation Leading Group and the Internet Loan Remediation Leading Group recently jointly held a video teleconference on Internet finance and online loan risk special rectification work. The meeting revealed that the number of Chinese online lending institutions, the scale of lending and the number of participants have declined for 21 consecutive months.
Since 2019, risks in the Internet finance field such as China's online lending have continued to converge, and various work has achieved substantial results.
According to the meeting, as of March 31, 2020, China actually operates 139 online lending institutions, a 86% decrease from the beginning of 2019; the loan balance decreased by 75%; the number of borrowers decreased by 80%; and the number of borrowers decreased by 62%. Since the start of the rectification work, a total of nearly 5,000 institutions have withdrawn. Internet asset management, virtual currency speculation, illegal foreign exchange transactions, and other areas of stock risk are cleared in an orderly manner.
The meeting believed that although the Internet finance and online loan risk rectification work has achieved great results, it should also be noted that the situation is still very complicated at this stage, and there are still some problems that have not been fundamentally resolved.
Specifically, the first is that the "three drop" work of the remaining camps has been slow, and the subsequent disposal is very difficult. Second, the task of disposing of closed institutions is still arduous, and the stock risk of online loan institutions that are closed nationwide remains high. The problems of "retreating but not clear" and "retracting but not clear" are prominent, and it may take a long time to resolve the risks. Third, there are many difficulties in institutional transformation. Some organizations or their willingness to transform are not strong, or their ability to transform is insufficient. In the process of specific advancement, many new situations and problems will arise, and a lot of hard and meticulous work needs to be done. Fourth, due to some uncertainties in epidemic prevention and control, the operation, collection and transformation of online loan institutions have been affected to a certain extent.
The meeting emphasized that all regions and departments should take stock risk disposal as the core work for a long period of time. Under the premise of adhering to the principles of marketization and rule of law, we should adapt measures to local conditions and take multiple measures to protect the legitimate rights and interests of investors. Further increase the pressure of stock reduction, effectively reduce the scale of business, and accelerate the implementation of the pilot project of institutional transformation. Increasing the punishment for the borrower's malicious evasion of debt, accelerating the process of incorporating online loan credit information into the credit reference system, and improving the joint punishment mechanism for untrustworthy borrowers.
At the same time, it is necessary to strengthen the monitoring of new risks in other areas such as Internet asset management, speculation in virtual currency speculation, illegal foreign exchange transactions, and establish a rapid research, judgment, qualitative, and disposal strike mechanism to maintain a high-pressure situation and prevent resurgence. (Finish)