# 分期乐

China Tightens Screws on Loan‑Referral Platforms — Consumer‑finance Sector Faces Sweeping Rebuild

China’s financial regulator has summoned five major loan‑referral platforms and issued tighter requirements to licensed consumer finance companies, accelerating enforcement of internet‑assist lending rules introduced in October 2025. The measures force clearer fee disclosure, stricter collection rules and limits on outsourced delinquency management, prompting expectations of asset contraction and a structural reshaping of the consumer‑finance sector.