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1st LD: China concludes 1.42 mln P2P lending cases in 2015: report

Xinhua, March 13, 2016 Adjust font size:

China's court system handled a total of 1.42 million cases involving peer-to-peer (P2P) lending in 2015, a work report by the Supreme People's Court (SPC) said Sunday.

Those cases involved 820.75 billion yuan (126.4 billion U.S. dollars), said the work report to be delivered by SPC President Zhou Qiang to China's annual parliamentary session.

Courts at all levels correctly recognized the differences between P2P lending and illegal fund-raising, concluding 58,000 cases involving illegal fund-raising, financial fraud and other crimes, and convicting 72,000 criminals, the SPC said in the report.

The SPC last year issued judicial explanations on P2P lending, recognizing lending among enterprises with conditions, in a bid to satisfy the demands of small and medium-sized companies for investment and financing, according to the report.

The SPC added that it will strengthen study and trial guidance of Internet-based financial cases in 2016. Endi