Cyber Loan Sharks, Social Credit, and New Frontiers of Digital Control
by Nicholas Loubere
In recent years, China’s rapidly evolving digital sphere has paradoxically been the site of both liberation and oppression. The development of the Chinese Internet has been characterised by openness and inclusivity — with the number of netizens in the country multiplying at an exponential rate. At the same time, however, Internet activity has increasingly been subjected to governmental restrictions aimed at controlling how the country’s digital space can be used. The sudden emergence of Internet finance in China is emblematic of this contradictory cyber landscape. In only a few years, China has become the world’s largest online lending market, fuelling new forms of economic growth. At the same time, however, the rise of Internet finance has pushed governmental regulators to their limits as they seek to control rampant fraud and illegal behaviour in an attempt to engineer a more ‘trustworthy’ society.