Falling credit card issuance, rising bad loans and competition from online credit products are forcing lenders to overhaul a business that has struggled to attract younger consumers
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China’s credit card industry is confronting an uncomfortable reality: after decades of rapid expansion, the business is shrinking, bad debts are rising and younger consumers are increasingly turning elsewhere for credit.
Banks report there are 120 million fewer active credit cards in China with 687 million customer accounts, a dramatic drop from…
Beijing is forcing a steep cut in borrowing costs across its multi-trillion yuan consumer credit market and dismantling the core…
A Caixin survey shows economists expect both new yuan loans and total social financing to fall from a year earlier, reflecting…
Strong corporate lending supports overall credit despite weak consumer demand
Caixin survey points to subdued financing demand amid weak investment and household borrowing
A slowing economy, shifting tastes and higher prices have dampened Chinese enthusiasm for overly expensive luxury goods.
