They wanted to protest the loss of their life savings. Then the police came
Thousands of disgruntled Chinese investors who have lost their life savings in the country’s peer-to-peer lending industry mounted a failed attempt to protest in Beijing’s financial district on Monday. Promising easy cash for borrowers and high returns for lenders, China’s peer-to-peer lending platforms had once thrived and helped power the country’s breakneck growth. But China’s curb on financial risk has shaken up the industry, causing online lenders to collapse like dominoes amid tighter financial regulations – leaving their investors stranded. Hundreds of police on Monday locked down the streets leading to the China Banking Regulatory Commission, where protesters had planned to petition
They wanted to protest the loss of their life savings. Then the police came