Liu Ping, deputy director of the Research Bureau of the People's Bank of China, revealed the day before yesterday that the draft Lender Regulations drafted by the central bank had been submitted to the Legislative Affairs Office of the State Council. Once the regulation is passed, it means that the monopoly position of banks in the credit market has been broken, and "sunshine of private lending" has been confirmed at the national legislative level. However, she said that the specific time for the promulgation of the regulations has not yet been determined. It is estimated that it will come out next year.

According to the Lenders' Regulations, the entry threshold for lenders is set at10 million yuan, and the interest rate fluctuates within 4 times of the legal interest rate.

If lending is made before the promulgation of the Lenders Ordinance, if it is an individual, as long as it is not done in public on a large scale, the problem is not great; If the company lends money, it will violate the provisions of the Commercial Bank Law and the General Principles of Loans, which may seriously constitute the crime of setting up financial institutions without authorization in Article 174 of the Criminal Law.