China Banks Offer Cheap Consumer Loans as Xi Urges More Spending

(Bloomberg) — Chinese banks are touting a wide variety of retail lending products as authorities need a pickup in consumer spending to create a more solid foundation for the world’s second-largest economy.

Lenders including Bank of China Ltd. (BOC) and China Construction Bank Corp. are offering preferential interest rates and incentives such as gift cards on e-commerce platforms to lure customers to their retail loan offerings.