China News Service, Beijing, September 14 (Reporter Wang Enbo) Feng Yan, deputy director of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission, revealed in Beijing on the 14th that as of the end of August this year, there were 15 online lending institutions operating in China, down from the beginning of 2019 99%.

  The China Banking and Insurance Regulatory Commission held a press conference on the same day. Feng Yan said at the meeting that at the end of August, while the number of online lending institutions dropped significantly from the beginning of last year, loan balances fell by 84%, lenders fell by 88%, and borrowers fell by 73%.

The number of online lending institutions, the scale of lending, and the number of participants have been declining for 26 consecutive months, and the risks in the online lending sector continue to converge.

  She also reminded that although decisive progress has been made in the rectification of online loans, the follow-up work has tight schedules and more difficult tasks.

Coupled with the impact of the epidemic, the "three drops" work of the remaining agency agencies is progressing slowly, and the task of dealing with the risks of closed institutions is arduous.

  Feng Yan said that all parties should deal with the existing risks as the core work for a longer period of time, and each agency should formulate a clear timetable and roadmap for the disposal.

All localities should continue to improve the procedures for disposing of assets of closed institutions. Under the premise of adhering to the principles of marketization and legalization, various measures should be taken in accordance with local conditions to increase the fund repayment rate and return efficiency, and to maximize the protection of the legitimate rights and interests of investors.

  Speaking of the pilot transformation of online lending institutions, Feng Yan said that at present, some localities have approved the establishment of online lending institutions to transform into small loan companies in the region, and relevant departments have reviewed and approved some local online lending institutions to transform into small loan companies operating nationwide.

Under the premise of compliance with laws and regulations, all localities must accelerate the progress of transformation.

  In addition, it is necessary to intensify the punishment of borrowers' malicious evasion of debts.

As of the end of August, more than 200 online lending institutions have been connected to the central bank's credit investigation system and the Baixing credit investigation system. The credit investigation department will further strengthen cooperation with localities to accelerate the process of integrating online loan credit information into the credit investigation system, and improve untrustworthy loans Joint disciplinary mechanism.

  Feng Yan also mentioned that the relevant central authorities will fully summarize the experience and lessons of the special rectification of Internet finance and online lending, resolutely implement the requirement that financial business must be licensed to operate, and jointly study the establishment of online lending incremental risks and early illegal financial business. The system and mechanism of detection, early warning, and early disposal can prevent Internet financial risks from the source.

(Finish)