FIRST AIRED: August 13, 2018

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Transcript

00:00:00
>>
NOISE]>>
They're furious because savings they invested have disappeared after a wave of online P2P lending platforms went bust since June. That's on the hills of a beneficial campaign to deal with China's rising debt.
00:00:25
Millions of investors put money into these P2P products, which often lend to customers seen as too risky for a commercial bank. Now China's P2P industry, is bigger than the rest of the world combined. With more than $200 billion in outstanding loans. Last Monday, many wanted to demand a P2P bail out from the governor and organize themselves online.
00:00:47
However, any challenge to stability is sensitive in China. Those who made it to the protest area were detained. An investor told Reuters, this video shows they were forced onto buses and carted away to a holding center. Reuters Beijing bureau chief Ryan Woo has more.>> The protestors are not protesting against the government per say.
00:01:08
Many of the peer to peer companies that have folded, many of them have folded quite suddenly. The only recourse for them is to come to Beijing and to petition, and to get the attention of the central government.>> On Sunday, state media reported that the government proposed ten measures to reduce risk in the sector.
00:01:31
Including a strict ban on new P2P lenders and online loan platforms.>> The main goal of the government's current crackdown on P2P firms is to make more P2P firms accountable for the funds that they're handling. And those P2P firms that can't comply of this requirement, they have to shut.
00:01:54
>> At its peak three years ago, there were around 3,500 P2P firms in China. And since June over 240 lenders have gone bust.