Most Young People in Shanghai Want to Buy Car through LoansOwning a private car is the dream of young people in Shanghai,this largest commercial city in China, according to a recent survey.The survey conducted by the Shanghai Branch of the Industrial and Commercial Bank of China (ICBC) shows that 70 percent of the interviewees have plans to purchase a car in the near future and nearly 90 percent want to do so through bank loans. Seventy-one percent of the interviewees agreed that the amount of 100,000 to 200,000 yuan (about 12,000 to 24,000 US dollars) is the most appropriate loan sum. According to economic professionals, this shows that Shanghai inhabitants' capability to purchase cars has shot up and they have begun to shift their attention to medium-and high-grade cars. Asked whether they like to buy insurance on their bank loans, 74 percent of the interviewees expressed their willingness to ward off risks just in case they can not afford to repay bank loans, the insurance company will pay for them. In recent years, more and more Shanghai citizens realized their dream of owning a private car through bank loans. In October of 1998, Shanghai's two commercial banks-Shanghai Branch of ICBC and Shanghai Branch of China Construction Bank simultaneously offered loaning service to car purchasers. So far, the Shanghai Branch of ICBC has granted a total of 800 million yuan (about 100 million US dollars) in bank loans for car purchase by individuals, helping 8,600 people realize their car ownership dreams. |
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