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Virtually no Chinese people have credit cards. Everything is prepaid apart from business loans, cars and house loans.
by adinobro 8y ago
Virtually no Chinese people have credit cards. Everything is prepaid apart from business loans, cars and house loans.
- seanmcdirmid 8y agoIt used to be that even house loans were rare. Things have changed very rapidly in the last 10 years, and even credit card debt is a concern to the middle class now (if you can believe the Chinese press, see http://www.chinadaily.com.cn/china/hk20threturn/2017-04/24/content_29757883.htm http://www.chinadaily.com.cn/china/hk20threturn/2017-04/24/c...). Then there are the traditional loan sharks in china’s informal sector that have been around forever and don’t show up in official stats (not to mention less dangerous friend/family lending).