China has asked banks to increase credit limits for consumer loans, 21jingji financial media outlets report on Friday, as part of its efforts to increase consumption to revive the slowing economy.
Financial regulators, administration of national financial arrangements, issued a notification that said financial institutions can increase credit limits for consumer loans to 500,000 yuan ($ 68,959.81) from 300,000 yuan for borrowers who have good credit records, according to reports on Friday.
The upper limit of the number of internet consumer loans for individuals can be increased to 300,000 yuan from 200,000 yuan, he said.
Spreading Chinese consumers who are reluctant to spend have increased to the top of the list that must be done by Beijing for 2025, because parliament members are trying to fix imbalances in the second largest economy in the world.
Commercial banks can implement credit policies that are distinguished in accordance with customer payment capabilities and risk situations, the report said.
Source: Reuters
