Caixin
Oct 22, 2018 05:32 AM
FINANCE

In Depth: China’s New Household-Debt Fears

Booming internet finance platforms are fueling the growth of household borrowing in China. Photo: VCG
Booming internet finance platforms are fueling the growth of household borrowing in China. Photo: VCG

For decades, the Chinese people have been known for thrift and persistent saving habits, which analysts see as a significant contributor to the country’s prosperity. But now, the situation is changing.

Economists and officials this year have repeatedly warned against a rapid buildup of household debt, fueled partly by a boom of internet financial platforms that provide easy access to credit for people left out of the traditional bank lending system.

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