Related stories

One Night in Beijing, Luxury in China TV Programmes in Capital's Taxis Producer Services Industry New Star in the Capital Economy Revel in Pinggu’s Peach Blossoms Revel in Pinggu’s Peach Blossoms

Credit Spending Further Encouraged in Capital

Beijing residents last year bought more goods and services on credit than people in any other Chinese city, according to the second China Credit Consumption Index Survey issued jointly by China Economic Monitoring Analysis Center of the State Statistical Bureau and MasterCard International. Even so, credit buying is being further encouraged in Beijing as the city urges commercial banks to develop more personal-loan services and simplify formalities.

New consumer-credit services are expected to cover the purchase of housing, cars, furniture, household electrical appliances, education (home and overseas), travel, and "individual durable commodities"costing 3,000 yuan (US$362) or more, and being useable for at least two years.

Official statistics show that credit consumption by Beijing people has increased rapidly in recent years. By the end of June this year, for example, the city's commercial banks had loaned out 249 million yuan (US$30 million) in state education loans to 35,252 students.