Timeline

・ Feb 26, 2019

The Ministry of Public Security states at a news conference in Beijing that illegal loans in which exorbitant rates of interest leave borrowers in heavy debt should be considered crimes. Mafia-like gangs and "evil organizations are malignant tumors in society", according to a ministry spokesman.

・ April, 2019

The Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security and the Ministry of Justice jointly release four documents detailing illegal lending and "soft violence" used in debt collection.

・ Sept 3, 2019

The Ministry of Public Security announces 10 instances of illegal online lending in Zhengzhou, capital of Henan province, and further plans for a far-reaching crackdown on such crimes. It also states that police have detained 18,651 suspects while solving 18,790 cases of illegal private lending in crackdowns on organized crime and local gangs.

・ October, 2019

The Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security and the Ministry of Justice jointly issue a document covering illegal loans, stipulating punitive measures to be taken according to the amount involved and the seriousness of an offense.

・ January, 2020

Wrongdoers on credit blacklists who are restricted from buying certain goods and services for defaulting on court orders will be given a grace period of one to three months, according to a guideline released by the Supreme People's Court.