Abstract: Under the financial arrangement of unfamiliar individuals to achieve direct lending, the information asymmetry of P2P lending is particularly serious. The existing literature mainly examines the efficiency of P2P lending from three aspects: voluntary information disclosure of borrowers, investor information inference and rational learning, and platform operation policies. In China, the financial needs of individuals and small and micro enterprises have been huge for a long time, but the financial supply under the indirect financial system is seriously insufficient. The imbalance and mismatch between the two are the social and economic foundations for the rise and development of the P2P lending market. At present, unlike the US market structure with Prosper and Lending Club as oligarchy, the number of P2P platforms with different operating modes such as offline field certification, decentralized and automatic bidding, creditor's rights transfer and debt mortgage is numerous, and the regulatory environment is becoming stricter. Significant differentiation. In the future, under the trend of P2P platform as the nature of information intermediary and the development of direct financial system reform, China's P2P lending market should adopt standard regulation of " standardization” rather than " qualification”.