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China's Jiangsu to Provide More Consumer Loans
Commercial banks in east China 's Jiangsu province, one of China's economically most developed provinces, will provide over 20 billion yuan (US$2.4 billion) of consumer loans this year.
This will help enhance the transition of loans from production-oriented to consumption-oriented, according to a bank source.
In recent years more and more residents in the province have accepted the conception of "spending tomorrow's money to realize today's dream", sociologists said.
Banks in Jiangsu have loaned some US$2.5 billion to consumers and over 80 percent of the loans were spent on houses and cars.
According to a bank source, less than 1 percent of these consumer loans occurred problems, but since all these loans are mortgage credits, the risk of banks can be decreased to the lowest level.
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