Beijing is forcing a steep cut in borrowing costs across its multi-trillion yuan consumer credit market and dismantling the core business model of loan facilitators
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China’s latest consumer finance directive lowers effective rate ceilings and puts banks on the hook for total loan costs. Photo: VCG
Strong corporate lending supports overall credit despite weak consumer demand
Plan will subsidise one percentage point of the annual interest on loans, capped at half of the contracted loan interest rate.
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