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Bank Increases Individual Consumption Loans
The Agriculture Bank of China (ABC), one of China's four State-owned commercial banks, said Tuesday its individual consumption loans have risen by a big margin during the January-June period this year.
A spokesman with ABC said the bank's individual housing loans has increased 8.1 billion yuan (US$975 million) this year to hit 23.4 billion yuan (US$2.82 billion) by June, an annual increase of 74.5 percent.
Automobile consumption loans amounted to 1.5 billion yuan (US$180 million) by the end of June, taking the second largest share among the four State-owned commercial banks.
Other individual consumption loans, such as education loans, loans to purchase agricultural equipment, tourism loans, durable goods consumption loans, all witnessed a hefty increase as well.
The spokesman noted that ABC's housing loans had maintained a steady and healthy development over the past six months due to efforts paid on the quality of loans. ABC also expanded its businesses by providing clients with new housing services, he said.
To minimize risks, ABC has been keeping a strict eye on the qualification of auto distributors and purchasers, with the surety gained via interim agencies and insurance companies.
Currently, the newly added individual consumption loans accounted for some 10 percent of ABC's all new loans.
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