Shut the loopholes for lending traps

ACCORDING TO THE LATEST GUIDELINE on lending issued by the China Banking Regulatory Commission, online lenders are prohibited from approaching potential borrowers with a bad credit history and college students under 18. Legal Daily commented on Wednesday:

The financial regulators have good reason to place greater scrutiny on the country's burgeoning financial industry, which, as Chinese Premier Li Keqiang has pointed out, is vulnerable to risks ranging from bad assets and bond defaults to shadow banking and internet financing.

The move against lending to college students under the age of 18 is especially welcome as it has come at a time when women, especially young college girls, have become the victims of extortion, with lenders demanding naked photos for loans.