On March 3, an article from the Financial Stability Bureau of the Central Bank of China pointed out that the centralized rectification of Internet financial chaos has shifted to normalized supervision. All P2P online lending platforms have withdrawn from operations, and the outstanding loan balance has dropped from the initial 1.2 trillion yuan to 490 billion yuan.
Effectively curbing the hype of domestic virtual currency transactions, the global proportion of bitcoin transactions in China dropped rapidly from more than 90% to 10%.
All financial businesses of Internet platform companies shall be brought under supervision, business cooperation between licensed institutions and Internet platform companies shall be regulated, financial anti-monopoly and anti-unfair competition shall be strengthened, and market order shall be maintained.