Screenshots of the NAFR's official website

The National Administration of Financial Regulation (NAFR), together with the State Administration for Market Regulation (SAMR) and the People's Bank of China (PBC), held regulatory meetings with six major travel platforms to address issues the platforms raised concerning their lending practices with financial institutions, according to a statement on the NAFR's official website on Friday.

The platforms are Trip.com, Amap, Tongcheng Travel, Fliggy, Umetrip, and Qunar. 

Regulators warned that problems have arisen in how these platforms market and present loan products to customers when they work with banks and other lenders. 

During the talks, these companies were required to regulate their marketing practices, refrain from using misleading advertising language, clearly disclose the names of lending institutions and loan product information, and explicitly advise borrowers to borrow rationally, according to the statement.

They were also required to ensure smooth customer complaint channels, respond promptly and properly handle consumer disputes, strive to improve service quality, and effectively protect the legitimate rights and interests of consumers, said the NAFR.

Global Times