The fraud drums keep pounding louder in China as search giant Baidu has stomped on peer to peer (P2P) lending sites by scrubbing them from their search results. The short term approach of removing the reported 800 P2P sites from their pages are expected to be followed up with a more rigorous review process for allowing P2P companies to show up on the platform.
Fears regarding the growing number of scams have prompted Chinese officials to start a process of more active regulation. Recently it was reported that over 70 P2P platforms went bust in 2013 with 60 of the failures occurring in the 4th quarter alone. Unfortunate investors were left holding an empty bag. While there is an understanding that P2P platforms may be beneficial in the aiding the national economy widespread fraud has 
assured a government crackdown.
According to a report in NBD there are 2000 domestic P2P platforms in China today. The Chinese Banking Regulatory Commission (CBRC) is currently researching the situation.