The new regulations for assistance in purchasing have not been implemented yet, but their power is already evident. The top platforms are busy making improvements, while the rear institutions are under pressure.

The "Notice on Strengthening the Management of Internet Assisted Lending Business of Commercial Banks to Improve the Quality and Efficiency of Financial Services," issued by the China Banking Regulatory Commission in April, will officially take effect on October 1st. Top executives from two leading assisted lending platforms in Beijing and South China revealed the latest progress in compliance improvement to reporters. Both platforms have thoroughly studied each clause of the new regulations and formulated implementation plans that correspond to them, while also conducting a comprehensive review of their existing business processes. One platform disclosed that the availability of funds for customer products in the high-risk interest rate range of 24% to 36% has significantly tightened in recent times. Some partner banks, from the perspective of overall risk management of funds, have directly rejected approving customer funds exceeding a 24% interest rate in order to reduce the scale of high-risk interest rate assisted lending business.