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Large Credit Consumption Market to Be Tapped: Survey
The number of people who intend to borrow money for consumption in China has continued to rise, according to a recent survey co-sponsored by the National Bureau of Statistics (NBS) and the Master Card international organization.
The result of the survey, made public Tuesday (November 14), shows that over the past six months, 17 percent of the people investigated have borrowed money with an average amount of 30,000 yuan (US$3,614), while 34 percent surveyed intend to use credit for consumption in the next six months.
According to the survey, housing, education, cars and medical care are the most common items for credit consumption, and financial institutions are the major money lending source.
A NBS official said that China has 100 million urban households, and if over 30 percent borrow money for consumption, they will bring 900 billion yuan (US$108 billion) into the market.
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