TAIYUAN - Authorities have cracked down on peer-to-peer (P2P) online lending firms in North China's Shanxi province.

The authorities have shut down 26 P2P firms in Shanxi, according to a government statement. They also found 15 other P2P businesses to be running in violation of regulations, and required the businesses to stop operations and exit the market by the end of June 2020.

China has tightened regulations in the online lending market in recent years to forestall financial risks.

The number of P2P platforms fell to 456 at the end of November from 486 at the end of October, according to Online Lending House, a website that tracks the industry.