Personal Consumption Loans Increasing in Shanghai

Home>>Business

Last updated at: (Beijing Time) Saturday, January 25, 2003

Personal Consumption Loans Increasing in Shanghai

Shanghai, China's leading industrial and commercial city, reported a sharp increase in personal consumption loans in 2002.

DISCUSSION

CHINESE

SEND TO FRIEND

Shanghai, China's leading industrial and commercial city, reported a sharp increase in personal consumption loans in 2002.

One in every three yuan (0.36 US dollars) in loans went to individual consumers, according to statistics provided by the Shanghai branch of the People's Bank of China, the central bank of China.

Sources with the bank said the proportion was expected to further increase with the continued rapid and healthy social and economic development of Shanghai.

Individual housing loans accounted for most of the personal consumption loans with the total amount of outstanding loans topping 109 billion yuan (13.18 billion US dollars) by the end of last year, a rise of 45.2 billion yuan (5.46 billion US dollars) from the beginning of last year.

The amount of outstanding individual car consumption loans grewby 2.2 billion yuan (266 million US dollars) to reach 4.1 billion yuan (496 million US dollars) at the end of 2002 from the beginning of the year. The balance of such loans was twice that of2001.

Commercial banks in Shanghai also reported marked increases in personal consumption loans for education, traveling and other purposes.

Questions?Comments? Click here

Beijing to Cancel 'Hotels for Hosting Foreign Visitors' ( 4 Messages)

Chinese Bid Farewell to Outworn Doctrine of Egalitarianism ( 10 Messages)

Can US Strategic Intention be Realized? ( 23 Messages)

How's US$52.7bn Foreign Investment Introduced Into China? ( 14 Messages)

Bush Rejects China Mechanical Device Import Quota ( 12 Messages)

Foreign Museums Refuse to Return Cultural relics, Chinese Experts in Action ( 11 Messages)