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Shoppers Urged to Spend, Spend, Spend
Beijing municipal government has decided to boost consumer spending in the capital by expanding consumer credit services.
Today's China Daily said Beijing Commerce Committee held a seminar on consumer credit and risk management yesterday, co-sponsored by France's Cetelem Bank and Huaxia International Business Credit Consulting Co. Ltd.
Local officials, commercial banks and major department stores attended the seminar.
Liang Wei, director of Beijing Commerce Committee, said more than 30 department stores in Beijing have launched consumer credit schemes, encouraging consumers to spend more. The program was first carried out in 17 large and medium-sized department stores last April.
Statistics show the city's commercial banks offered 215 million yuan (25.9 million U.S. dollars) in consumer credits for goods such as air conditioners and washing machines in 1999, 131 million yuan more than that in 1998.
Consumer loans saw a rapid increase in the first six months this year, though the exact figure is yet unavailable, said Liang.
But he added complicated procedures for applying for loans hinders the development.
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