Demand for consumer lending is set to see a moderate rebound in 2023, as the pandemic has eased, and consumer spending has returned, especially on services and in other discretionary categories. However, growth in consumer lending in China is expected to be slow, following the sluggish growth of domestic consumption and an ongoing real estate crisis, which is raising concerns over the stability of the financial system.
In August 2023, the People’s Bank of China (PBOC) trimmed its one-year loan prime rate to 3.45%, from 3.
Mortgages/housing remains the largest lending category in China in terms of outstanding balance. Real estate plays a crucial role in the Chinese economy, with the construction and real estate industries accounting for 13% of total output and directly employing 11% of the labour force in 2022, according to the National Bureau of Statistics.
The growth trajectory of consumer lending gross lending in China is expected to slow, affected by the slowdown in economic growth. In context, China’s GDP is set to grow by 5.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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