The Chinese government is facing anger from mom-and-pop investors after hundreds of online lending platforms imploded, wiping out their savings.
The outcry shines a light on a murky corner of China's financial industry that authorities allowed to grow rapidly with little oversight. Promises of double-digit returns attracted people looking for more lucrative places to put their money than conventional banks.

https://money.cnn.com/2018/08/08/news/economy/china-p2p-lending/index.html