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 | Friday, April 14, 2000, updated at 09:01(GMT+8) | ||||||||||||
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Credit Consumption Heating up in GuangdongAs more and more people in south China's Guangdong Province favor insurance and security markets or buying real estate, private consumption using credit loans soared 26.8 percent to reach 2,577 yuan per capita last year.Housing, medical and pension systems reforms have had a huge impact on the way people manage and spend their money. There has been a shift from bank deposit to credit consumption, said economic analysts. The per capita bank deposit in Guangdong averaged 2,075 yuan last year, up only 0.1 percent over the previous year while the total money drawn from deposits grew up by 25 percent. The per capita insurance expenditure last year stood at 221 yuan, up 230 percent over that in 1998. Guangdong boasts the largest group of high-income families in China. The averaged household disposable income of this group was 18,000 yuan last year. Banks in China are devoted to providing loan services through simplifying formalities in offering loans.
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