Letters to Editor
Business & Trade
Culture & Science
Policy Making in Depth
News of This Week
Learning Chinese
Survey: Consumers Like to Use Credit

Chinese consumers are displaying an increasing willingness to use credit in making purchases of certain long-term use items, according to the second China Consumer Credit Consumption Index Survey.

The survey showed that over the past six months, more than 52 percent of respondents had bought goods on credit through loans from financial institutions, and another 19 percent used credit cards to make purchases.

The survey, carried out by a center under the National Bureau of Statistics, involved responses from a total of 2,100 consumers in seven of China's large cities of Beijing, Shanghai, Guangzhou, Wuhan, Zhengzhou, Chengdu and Xi'an, today's China Daily said.

Credit cards were the most commonly form of credit among residents with monthly earnings of at least 5,000 yuan (US$ 600). And the most popular items bought using credit were housing, automobiles and education.

The survey revealed as well that 8.2 percent of the respondents did not understand the concept of credit consumption, which was lower than the 8.9 percent from the first survey, conducted roughly six months ago.

As for the amount of credit, 30 percent of the respondents said they would require 50,000 yuan for purchases they planned to make in the future. People with higher levels of education and income demonstrated greater credit demands.

Beijing, Chengdu and Guangzhou were ranked as the top three in terms of total volume of credit in the past six months, while Shanghai was the last.

However, Shanghai was at the top among the seven cities in the number of individual citizens who engaged in credit-based consumption during the same period.

The dominant age group among the credit-based consumers was between 21 and 35 years old.

The top three factors working against the popularization of credit consumption were low income, habitual attachment to the use of cash and perceived difficulty in handling of credit-based transactions, the survey showed.

(EastDay.com 03/12/2001)

Bank Renews Credit Rating System
Private Credit Information Available
Shanghai Ushers in Credit System
Credit System Rejects Bad Loans
Credit Growth Poses Delicate Challenges
Shanghai's Banks Help Small- and Mid-sized Enterprises
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68996214/15/16