The asset-backed securities market in China saw huge growth in 2017; nonbank lenders led issuance which totaled $220 billion last year, a 90% increase from 2016; now issuance of consumer loans is slowing down due to increased involvement from Chinese financial regulators; a part of the slowdown was due to Ant Financial Services Group which temporarily stopped selling bonds by consumer loans in December. Source
Moody’s Investors Service had previously stated that companies like Ant needed to be more transparent about their asset-backed securities and their criteria for lending; Douglas Feagin, senior vice president of global business for Ant Financial stated, “The demand for these securities is very healthy and continuing to expand. That, at the end of the day, is the ultimate barometer of whether you're giving enough information to investors to invest. I think seeing that demand is evidence that we're sharing the right kind of information with them.”; article discusses the abs market broadly in China which has increased recently. Source