CNBC: China’s Cash-strapped Poor Seek More Debt As Coronavirus Hits Job Prospects
Apr 23, 2020
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Demand for consumer loans is picking up in China, especially among the less affluent, highlighting a group that some say could use more support during the coronavirus-induced economic downturn. “Consumers with better financial situations will borrow less right now because of greater uncertainty, while consumption will take up a higher portion of costs for those with poorer financial situations,” said Hang Qian, principal at Oliver Wyman. He also predicts the level of non-performing loans will accelerate more quickly for those with poorer credit levels.
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