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在线翻译:
szdaily -> Business
Consumer loans rise nearly 30%
    2017-October-23  08:53    Shenzhen Daily

OUTSTANDING household consumer loans in China surged nearly 30 percent by end-September from a year earlier, data showed Friday, a day after the country’s central bank governor issued a strong warning about the risks of rapidly rising debt.

A central bank report also showed a sharp jump of nearly 23 percent in property loans in the same period.

On Thursday, People’s Bank of China Governor Zhou Xiaochuan issued a stark warning about asset bubbles in the world’s second-largest economy, which has posted more robust growth this year driven by government spending and record bank lending.

The government has said that the country’s debt levels are manageable, given that levels of sovereign and household debt are much lower than in advanced economies, while savings rates are far higher.

The central bank report Friday suggested consumers are quickly catching up in the debt race, and much of the credit growth appears linked to the property market.

Outstanding household consumer loans in both yuan and foreign currencies totaled 30.2 trillion yuan (US$4.56 trillion) by end-September, jumping 29.1 percent from a year earlier.

In the first nine months of this year, China’s banks issued 5.1 trillion yuan of new household consumer loans.

China recently launched probes into consumer loans that are being misused for home purchases, warning they cannot be used to “fuel property bubbles.”

Chinese banks issued 4.4 trillion yuan (US$664.70 billion) of property loans in the first nine months of this year, more than the 4.32 trillion yuan issued in the same period last year. The figures include individual mortgages and loans for property development.

Outstanding yuan-denominated property loans rose 22.8 percent by end-September from a year earlier to 31.1 trillion yuan, the central bank said.(SD-Agencies)

 

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