In wake of Trump post, calls mount for China to impose rate cap on online loans
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Beijing tightened oversight of China’s online lending market last year, but many are still borrowing, especially those of younger generations.

US President Donald Trump’s call for American credit card interest rates to be capped at 10 per cent for a year has sparked a debate in China about whether Beijing should impose a similar limit on online loans. The discussion comes as many in China – especially younger people – are being enticed by credit offers amid a weak job market and a boom in online loan services. “Apps now keep luring young people into borrowing,” a finance blogger with nearly 500,000 followers wrote in a social media…

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