Number of online P2P lending platforms in China 2010-2019

In 2019, the number of online peer-to-peer lending platforms in China was 343. The industry experienced a boom phase in which the number of platforms increased significantly over three years. After state-regulators had imposed restrictions on the industry in 2015, many platforms closed. Cutting out the middleman Peer-to-peer (P2P) lending platforms connect investors and borrowers directly without a financial institution as an intermediary. Typically, the platform assigns a potential borrower to a risk group that reflects the investment risk. Investors can then choose the risk group that meets their expectation of risk and return on investment.The success of the platforms originated from a lack of regulation of the industry and low interest rates offered to depositors at commercial banks. The unregulated market allowed many platforms to open without being subjected to sufficient oversight or being obligated to provide adequate consumer protection. As a result, the number of platforms increased quickly and, in an environment where bank investment was not even offsetting inflation, the significantly higher returns on investment became a very attractive alternative for Chinese savers. Underregulation, deception, and turmoil The rapid development of the peer-to-peer lending industry and a lack of regulation allowed many dubious platform operators to take advantage of consumers. Potential investors were lured in with promises of high returns on investment. However, in many cases, the platforms were mismanaged or outright criminal. The most common issue being that a platform operator would simply disappear along with any investments made on the platform. This left many investors in despair and led to a wave of protests directed at the authorities who were unable to protect them.As a response, the government announced the introduction of regulatory measures in 2015. Among other regulations, the new measures required operators to deposit funds at a commercial bank and register their platform with their relevant financial regulatory authority. As a result, most platforms stopped operation, reducing the total number of platforms from 3,844 in 2015 to 343 in 2019.

2019年，中国在线点对点借贷平台的数量达到343家。该行业经历了繁荣期，平台数量在三年内显著增加。自2015年国家监管部门对行业实施限制以来，许多平台关闭。作为去中介化的点对点（P2P）借贷平台，直接连接投资者与借款人，无需金融机构作为中介。通常，平台将潜在借款人分配到反映投资风险的相应风险组。投资者随后可以选择符合其风险和投资回报预期的风险组。平台的成功源于行业监管的缺失以及商业银行对存款人提供的低利率。不受监管的市场允许许多平台在没有充分监管或被迫提供充分消费者保护的情况下开业。因此，平台数量迅速增加，在银行投资甚至无法抵消通货膨胀的环境下，显著更高的投资回报成为吸引中国储户的极具吸引力的替代选择。在监管不足、欺诈和动荡之中，点对点借贷行业的快速发展以及监管的缺失，使得许多可疑平台运营商得以利用消费者。潜在的投资者被承诺的高投资回报所吸引。然而，在许多情况下，平台管理不善或直接涉及犯罪。最常见的问题是平台运营商会携带着在该平台上进行的任何投资消失。这使许多投资者陷入绝望，并引发了一场针对无法保护他们的当局的抗议浪潮。作为回应，政府宣布于2015年引入监管措施。新措施中包括，要求运营商在商业银行存入资金，并将他们的平台注册于相关的金融监管机构。因此，大多数平台停止运营，将平台总数从2015年的3,844家减少至2019年的343家。