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China’s US$1 trillion consumer loan bubble is bursting as army of borrowers flinch under pandemic strain
China’s consumer loans are shrinking at an unprecedented pace after a decade of breakneck expansion, a blow to the government’s strategy of relying on spending as a growth engine amid the worst public health crisis in a generation. The net balance of consumer loans – made up of short-term and credit card loans from banks and online lenders – plunged by a quarter in the first two months of this year to 7.4 trillion yuan (US$1 trillion), according to data published by the People’s Bank of China. Some microlenders are staring at 20 cents on a dollar in bad loans. The nation’s much-vaunted army of consumers ... (full story)
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