In July, the Internet finance guidance issued by ten ministries and commissions clarified the legal status of P2P online lending, pointing out that peer-to-peer lending includes personal peer-to-peer lending (P2P peer-to-peer lending) and online microfinance. Personal peer-to-peer lending refers to direct lending between individuals through the Internet platform. Direct lending on the personal peer-to-peer lending platform belongs to the category of private lending, which is regulated by the Contract Law, General Principles of Civil Law and other laws and regulations as well as relevant judicial interpretations in the Supreme People's Court.

For the legality of electronic contracts on online lending platforms, please refer to the new contract law:

Article 11 of the new contract law stipulates that a written contract refers to a contract, letter and data message (including telegram, telex, fax, electronic data exchange and e-mail) that can tangibly express the contents contained.

Contracts, letters and data messages are "forms that can tangibly express the contents", but they are not limited to these clearly defined categories. Any "form that can tangibly express the contents contained" can be used as a written form of the contract.

The Electronic Signature Law of People's Republic of China (PRC) stipulates that the parties may agree to use electronic signatures and data messages in contracts or other documents and documents in civil activities, and cannot deny the legal effect of contracts just because they use electronic signatures and data messages. A data message that can tangibly express its content and can be retrieved at any time is regarded as a written form that meets the requirements of laws and regulations. Article 14 A reliable electronic signature has the same legal effect as a handwritten signature or seal.