In fact, cash loans have always attracted regulatory attention. As early as April this year, the China Banking Regulatory Commission issued the "Guiding Opinions of the China Banking Regulatory Commission on Risk Prevention and Control in the Banking Industry", which mentioned: "Do a good job in cleaning up and rectifying the 'cash loan' business activities. Online lending information intermediaries should comply with the law." Conduct business according to regulations, ensure that lenders have legal sources of funds, and prohibit fraud and false propaganda. Strictly implement the relevant regulations of the Supreme People’s Court on private lending rates, and illegal loan sharking and violent collection are prohibited.”

It is understood that this is the case. This is the first time that the China Banking Regulatory Commission has clearly proposed the supervision of "cash loans". Shortly thereafter, Shanghai, Beijing, Guangzhou, and Shenzhen successively issued documents to rectify the "cash loan" business. The Shanghai local industry association conducted a thorough investigation of the "cash loan" business of member units; the Beijing regulatory authorities issued a "cash loan" investigation plan; the Guangzhou and Shenzhen local associations successively issued notices requiring member units to conduct "cash loan" inspections . Recently, the Shanghai Huangpu District Finance Office convened a meeting of cash loan platforms within its jurisdiction and conveyed information on regulating cash loan business activities, including strictly prohibiting violent collections, and requiring that all handling fees, interest and other comprehensive borrowing costs shall not exceed 36% of the annual interest rate.

On October 28, Ji Zhihong, director of the Financial Markets Department of the Central Bank, said at the "2017 China Internet Finance Forum" that recently, some media reported that the scale of cash loans has expanded rapidly and the development needs to be regulated. Public opinion questioned its business model and called for it to be subject to supervision. In order to prevent and resolve related risks, the central bank, together with relevant departments, organized a special rectification of Internet financial risks. The rectification work has achieved initial results. In the next step, the special rectification work will take the prevention of systemic financial risks as the bottom line, improve the legal and regulatory framework, innovate supervision methods, implement penetrating supervision in accordance with the principle of substance over form, and implement the requirement that all financial businesses must be included in supervision. Basic requirements.