BEIJING, Aug 15 (Reuters) - China’s banking and insurance regulator urged the country’s four state-owned asset management companies on Wednesday to help resolve rising risks in the peer-to-peer (P2P) lending industry, two sources with knowledge of the matter told Reuters.
In a regulatory meeting with senior executives of the four asset management companies (AMCs) on Wednesday, the China Banking and Insurance Regulator (CBIRC) asked the AMCs to protect social stability by proactively taking part in resolving the P2P issue.
The four AMCs - China Huarong Asset Management Co Ltd , China Cinda Asset Management Co Ltd, China Orient Asset Management and China Great Wall Asset Management – were created by the government more than a decade ago to deal with massive bad loans in the banking system.
Reuters could not immediately reach the CBIRC for comment after business hours.
Since June, at least 243 online P2P companies have gone bust, triggering protests by P2P investors who have lost their life savings. (Reporting by Reuters China finance team Writing by Shu Zhang; Editing by Adrian Croft)