P2P platform can become road to modest riches

Xiong Jianwei, a 27-year-old network engineer in Nanjing, Jiangsu province, has put his savings of more than 60,000 yuan ($9,690) into a peer-to-peer lending platform since 2013. His investment may not sound like very much, but Xiong receives a return of 7 percent to 10 percent, depending on how long he leaves his money with Tongbanjie, an online platform that hosts lenders with unrelated individuals, or "peers", without going through a bank.

"Tongbanjie has been my only financing platform for three years," said Xiong. He is happy with the extra income to subsidize his living costs in one of the most expensive cities in China.

"At first I was not sure if Tongbanjie was a reliable platform, but I came to trust it because it puts security first and offers satisfying services."